Is Student Loan Haram

I take student loans and there is no interest until you graduate and if you save up a large sum of money to pay back they may actually forgive you for the rest. The Prophet ﷺ said.

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Here is a good scholarly video on the topic too.

Is student loan haram. On the loan there is no interest as long as you are a student but when you have finished your studies interest is added to the loan. If it was a harm then even those who believed it to be permissible would remain silent. While this may be the.

I have a question about student loans given by the university. And though many might not be aware this accumulates even whilst you are still studying at university. You are allowed to take the student loan if you have no other alternative provided you are sincere in your intention to pay it back without incurring interest according to the best of your ability.

The fatwā begins by addressing the common understanding regarding student loans that repayment is commensurate to inflation rates rather than outright bolt on interest. I know where this article is coming from and I know people in the fields mentioned have huge student loans and of course its not haram to take those jobs or even to make lots of money in life but if we want and even well developed society we need to diversify ourselves for sure. Student loans are regarded by many as haram but there is a hidden harm to these loans beyond the obvious.

Whoever builds a Mosque for Allah Allah will build for him a similar house in Jannah Please donate now help us establish a Norwegia. In academic year 201920 Student Finance loans are at a 54 interest rate RPI 3. Methods to help afford university without loans includes earning money by working for example by taking a gap year or two before university to work full-time working part-time while studying or working full-time during the holidays.

Are university loans Haram. The agreement in the student loan is clearly not to do trade whereby the worker uses his labour while the mudaarib finances the project and the profit of the trade is shared. This fatwā seeks to provide clarity on the issue of the current loans system and whether the repayment of student loans contains interest and is therefore prohibited.

Maybe you should call a government office where you live to inquire about whether they have any sort of debt relief or forgiveness. In order to pay off this loan my son has to get a job with an annual income of more than 21000 pounds otherwise he. Yes these by Islamic definition are haram to attain IF there are halal options.

Answering your question Sheikh Ahmad Kutty a senior lecturer and Islamic scholar at the Islamic Institute of Toronto Ontario. Like Rabbil many Muslims hoping to get an education face a dilemma to take out or not to take out a student loan. In this fatwa.

The student loan is a great benefit to the UK Muslim community because students are not falling into riba as we stated above and very rarely do they pay back the full amount unless they earn very large amounts of money. We dig into this thread in this article. Halal is not a concept that applies to student loans in the US.

In the West specifically in Norway Muslims can get student loans where some portion of the loan will be converted into a scholarship if you pass the exams otherwise it remains a loan. So our view and that of a few scholars we have discussed this point with is that student loans are haram but if you have mitigated as much as you can and you really need to go to university and it will be genuinely worthwhile for you a student loan may be seen as a necessity and availed of. You might not be.

Like Rabbil many Muslims hoping to get an education face a dilemma to take out or not to take out a student loan. I understand that halal means basically lawful so your best bet to understand the financial aid options including loans that available to you is to ask the admissions office or the financial aid office of the universityties that you are interested in. To call the student loan as equivalent to mudarabah is breathtakingly misquided-there is no resemblance except in the mind of the author.

A There is one type of student loan where you can pay back within a certain period without giving any interest. But it is tax deductable which which means I dont have to pay tax on it and I only start to pay it off if and when I get work and then it comes out of my salary at a rate that I can afford eg depending what my salary will be. This is halal if all are paid-back without any extra money interest.

This loan is interest-free and it is given to students and if the students pass the half-year exam the loan is turned into a grant or gift from the university but if they do not pass the exam it remains as an interest-free loan until the end. My son is a student in the second year of university. He took out a student loan but I did not know that this loan is haraam until recently.

I am a Muslim student living in Norway studying in university there. Just my two cents. Is student loan haram I have a student loan.

Im in the UK and most muslim students I know take student loans most likely because they dont know that its haram. For a variety of reasons some students may choose not to or may not be able to take out the Tuition Fee loan or the Maintenance Fee loan. This leads them to the only available option which is Student Loans.

People including Muslims who want to go to college or university but cant afford it do not have the luxury of asking their parents loved ones or other family members for financial help. You might not be aware but for Muslims interest is haram forbidden. B If the student loan is not as above and payback involves paying interest then this is usury riba so the originaldefault ruling for this that it is haram and a major sin.

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