Student finance & Riba

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EgyptPrincess

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Salaam, I know we cannot have dealings with Riba but is it permissible so long as it's for something like education?

Student finance, for those of you not in the UK, is a government sponsored loan system which gives students a loan in advance to pay for their education, you then pay off this loan once you've finished uni. There is interest but it's very small and rises with inflation.

I have already made the application etc and I really need the money to help with university. My parents cannot fully support all the costs. The government will give me a bursary which is not repayable so this part isn't Riba but the actual loan itself is about £27,000 for 3 years. It's even more if you do a masters or something.
 
EgyptPrincess said:
Salaam, I know we cannot have dealings with Riba but is it permissible so long as it's for something like education?

Student finance, for those of you not in the UK, is a government sponsored loan system which gives students a loan in advance to pay for their education, you then pay off this loan once you've finished uni. There is interest but it's very small and rises with inflation.

I have already made the application etc and I really need the money to help with university. My parents cannot fully support all the costs. The government will give me a bursary which is not repayable so this part isn't Riba but the actual loan itself is about £27,000 for 3 years. It's even more if you do a masters or something.
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I am not giving any opinion about the legal matter, some scholar can give you better opinion. I just know story of a girl from UK, who was student of high ranked uni there. And she was complaining about her life, that how much she is in debt and her life is over and does not have enough money to pay back. She was on exchange semester in Germany. I just want to tell, that better to get some scholarship, or study abroad with scholarship; much better than loan.
 
riba is riba no matter what you do

and it is not a necessity to do riba loan

you could always try a nhs course or save up money

you can try a halal loan so basically interest free
 
Apply for scholarships and bursaries and work for the rest of the money you need to pay, it's doable, most of my friends do this :) الحمد لله
 
It's super expensive though. I've already been accepted to my university and I will try and get a job as soon as possible to help pay for the fees.

The great thing about the student finance is you don't pay anything back until you have a job that pays £18,000 or more, then you can pay back £50 a month it's not expensive at all. I won't be able to get a scholarship at my age.

As.ali123 I don't know what that girl did but the student debt is very manageable, it's specifically designed to be easily repayable. I'll look at some halal options.
 
EgyptPrincess said:
It's super expensive though. I've already been accepted to my university and I will try and get a job as soon as possible to help pay for the fees.

The great thing about the student finance is you don't pay anything back until you have a job that pays £18,000 or more, then you can pay back £50 a month it's not expensive at all. I won't be able to get a scholarship at my age.

As.ali123 I don't know what that girl did but the student debt is very manageable, it's specifically designed to be easily repayable. I'll look at some halal options.
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what if you got accepted into a super high pay apprenticeship? so you could pay off the thing
 
Kiro said:
what if you got accepted into a super high pay apprenticeship? so you could pay off the thing
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What do you mean? Apprenticeships are awesome but I am studying biochemistry and there are no apprenticeships for this field. I need to go to university to learn this.

Let me look into halal loans and see what I can find, thanks kiro :)
 
EgyptPrincess said:
What do you mean? Apprenticeships are awesome but I am studying biochemistry and there are no apprenticeships for this field. I need to go to university to learn this.

Let me look into halal loans and see what I can find, thanks kiro :)
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For example, you go into an apprenticeship for the sake of the money; not necessarily the qualifications.

Say, you applied for an engineering apprenticeship that pays £300 a week for example. £300 x 52 weeks = £15600, that's a quite a bit of money you've saved

and your welcome. Plus you're, pretty young so you don't have to go Uni or the course you want to do straightaway
 
Kiro said:
For example, you go into an apprenticeship for the sake of the money; not necessarily the qualifications.

Say, you applied for an engineering apprenticeship that pays £300 a week for example. £300 x 52 weeks = £15600, that's a quite a bit of money you've saved

and your welcome. Plus you're, pretty young so you don't have to go Uni or the course you want to do straightaway
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maybe she wants to do something she likes and there's always a way in sha Allah.

but good idea if you have so many years and find no other way to provide for ur course.
 
ConcealedGem said:
maybe she wants to do something she likes and there's always a way in sha Allah.

but good idea if you have so many years and find no other way to provide for ur course.
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there can always be something akin to it
 
Kiro said:
For example, you go into an apprenticeship for the sake of the money; not necessarily the qualifications.

Say, you applied for an engineering apprenticeship that pays £300 a week for example. £300 x 52 weeks = £15600, that's a quite a bit of money you've saved

and your welcome. Plus you're, pretty young so you don't have to go Uni or the course you want to do straightaway
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Engineering D: I am not interested in this at all and admissions for apprenticeships would be closed by now, you typically have to apply a year in advance, just like uni.

No way I'm working in tesco or burger king for a year.... If I got a part time job, took the maintenance grant and the bursary money and lived off campus I might just be able to scrap through. Is it haram to take money from non muslim? ^o)
 
EgyptPrincess said:
Engineering D: I am not interested in this at all and admissions for apprenticeships would be closed by now, you typically have to apply a year in advance, just like uni.

No way I'm working in tesco or burger king for a year.... If I got a part time job, took the maintenance grant and the bursary money and lived off campus I might just be able to scrap through. Is it haram to take money from non muslim? ^o)
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By the way sisssss be really careful I think the maintenance grant has changed into a loan from what I recall :o pleaseeee also have a look at scholarships because there's so many out there and if anything ask uni for financial help الحمد لله there's so much unis can do.

May Allah make it easy for you.

My friend studied biochemistry and she works in the lab now in the a n e department and she does nights, such a stressful but rewarding job mA. :)
 
ConcealedGem said:
By the way sisssss be really careful I think the maintenance grant has changed into a loan from what I recall :o pleaseeee also have a look at scholarships because there's so many out there and if anything ask uni for financial help الحمد لله there's so much unis can do.

May Allah make it easy for you.

My friend studied biochemistry and she works in the lab now in the a n e department and she does nights, such a stressful but rewarding job mA. :)
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I already checked, the maintenance grant is a "loan" but you don't pay interest on it, just the amount you borrowed so that is fine. The bursary grant is also interest free.

Cool! I can't wait to start studying :) Inshallah everything goes to plan. I don't know where I will work, I have not yet thought that far.
 

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