PDA

View Full Version : student loan



anonymous
05-05-2009, 11:15 AM
Aslmkm,

I have been meaning to get my qualifications upto degree level as it has been a barrier to many things i wanted to do but could not as a basic requirement was to have an a degree.
Before i did not have the time or motivation to further this but now feel i am able to however i do not have the finances to support me.
I may have to take the student loan...but i feel unsure as there is interest involved. i would attempt to pay it off asap if i can find an extra job.

the info below from the s.l.website made me think is it really as bad as a conventional interest loan as there is no profit being made on it?

Any advice/opinions welcomed.



'Interest on Student Loans
Student Loans accrue interest from the date they are paid out, up until they are repaid in full. But broadly speaking, what you repay is worth no more - in real terms - than what you borrowed. No-one makes a profit on the loan.
The interest rate is currently 1.5 per cent.'
Reply

Login/Register to hide ads. Scroll down for more posts
witness
05-05-2009, 04:50 PM
Does anyone know if any islamic banks offer student loans?
Reply

Dawud_uk
05-05-2009, 08:15 PM
:sl:

any riba is forbidden, avoiding riba is more important than getting a few letters after your name.

:sl:
Reply

mathematician
05-06-2009, 03:27 AM
Originally Posted by Dawud_uk
:sl:

any riba is forbidden, avoiding riba is more important than getting a few letters after your name.

:sl:
That's probably one of the most inconsiderate posts I have read. Are you kidding me? That's your advice? WHy not offer the brother/sister some advice instead of throwing in your nonsense really.

To anonymous, brother/sister, it depends on where you live I suppose. In Canada for example, interest doesn't go on your loans until you graduate. So you can take a loan, and then the day you graduate you can for example borrow money from close friends of your parents and pay it off and promise the people you will pay them back within a year or two. That way, your loan is paid off without any interest at all.
Reply

Welcome, Guest!
Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.

When you create an account, you can participate in the discussions and share your thoughts. You also get notifications, here and via email, whenever new posts are made. And you can like posts and make new friends.
Sign Up
anonymous
05-06-2009, 09:23 AM
Aslmkm,

kindness much appreciated ,mathematician...
Im in the uk...i'll have to find out when the student loan company start charging interest from hopefully it is after the graduation and not from the date of taking the loan....
It only needs to be paid towards once the student (after completing studies )starts earning £15000....if i took it i would be paying it all off way before then.

I understand Bro Dawud your concern for avoiding riba ..it is haram and its evils are detrimental to society.

I was just wondering whether the fact there wasn't any one gaining unfair advantage (profit) would make any difference.

Jazakallah
Reply

Dawud_uk
05-06-2009, 12:22 PM
Originally Posted by mathematician
That's probably one of the most inconsiderate posts I have read. Are you kidding me? That's your advice? WHy not offer the brother/sister some advice instead of throwing in your nonsense really.

To anonymous, brother/sister, it depends on where you live I suppose. In Canada for example, interest doesn't go on your loans until you graduate. So you can take a loan, and then the day you graduate you can for example borrow money from close friends of your parents and pay it off and promise the people you will pay them back within a year or two. That way, your loan is paid off without any interest at all.
i did, i told him not to do it. if you cant afford a car dont get a car, dont go get riba loan so you can buy a car, same with a house, same with a higher education.

the advice you gave about getting the loan from family is good though, i know a lot of good close families who do that and helped out reverts married into the same family who would otherwise have lacked support.

but you cannot take out a loan signing to say you will do something haram in the hope you can get personal interest free loans later, as the contract wouldnt be halal in the first place as you would be signing to say you would pay riba and would have no idea whether situation would change later or not so dont know if people would give you a loan when you needed it at the end of your course.

Originally Posted by anonymous
Aslmkm,

kindness much appreciated ,mathematician...
Im in the uk...i'll have to find out when the student loan company start charging interest from hopefully it is after the graduation and not from the date of taking the loan....
It only needs to be paid towards once the student (after completing studies )starts earning £15000....if i took it i would be paying it all off way before then.

I understand Bro Dawud your concern for avoiding riba ..it is haram and its evils are detrimental to society.

I was just wondering whether the fact there wasn't any one gaining unfair advantage (profit) would make any difference.

Jazakallah
the issue of whether someone is benefitting from it is not relevent, the issue is whether there is haram in this contract by agreeing to riba which if i remember correctly from my student days there is (maths dont get on my case i wasnt muslim then) and you get charged interest every year but dont have to pay it off until you are earning so much.

Now Allah says riba is prohibited, we cant get around that by calling it a different name or making fancy contracts as some try to do or say its ok as not for profit company (as if all the people working for it and their directors are not getting fat wages), no it is simple, Allah says no it means no and the only necessity recognised in shariah is the necessity of the threat of death or serious life threatening harm.
Reply

muslim soul
05-06-2009, 02:22 PM
Aslam alaykum
reading this post with intrest , as my older son is due to go to unni next year in uk and so really dont know much about student loans and what islam says about them , i though that the student loan in uk was intrest free HAVE I TOTALL YGOT IT WRONG THEN and how do you go about getting one if islamically permissible to obtain
appraite some advice
jazukallah khir
walaykum aslam ur sister in islam
Reply

Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.

When you create an account, you can participate in the discussions and share your thoughts. You also get notifications, here and via email, whenever new posts are made. And you can like posts and make new friends.
Sign Up

Similar Threads

  1. Replies: 2
    Last Post: 01-28-2013, 05:57 PM
  2. Replies: 4
    Last Post: 10-29-2011, 01:26 AM
  3. Replies: 10
    Last Post: 01-28-2011, 07:19 PM
  4. Replies: 0
    Last Post: 02-25-2009, 03:52 PM
  5. Replies: 4
    Last Post: 07-10-2008, 12:42 AM

IslamicBoard

Experience a richer experience on our mobile app!