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Asalamu Alaikum

 

I remember seeing topics knocking about quite some time back, but I can't be asked searching, and want a response given to a question I asked so it kind of means a bit more. Like ok, that was stupid.

 

Anyway, what's the Islamic ruling on student loans? I was told by one brother that if you really really want to study further, and you have no means to pay your way, then it is permissable to get a student loan. Correct? Are there any alternatives to student loans or anything of the kind?

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Asalamu Alaikum

 

I remember seeing topics knocking about quite some time back, but I can't be asked searching, and want a response given to a question I asked so it kind of means a bit more. Like ok, that was stupid.

 

Anyway, what's the Islamic ruling on student loans? I was told by one brother that if you really really want to study further, and you have no means to pay your way, then it is permissable to get a student loan. Correct? Are there any alternatives to student loans or anything of the kind?

 

:D

 

Just a quick reply,

 

well, i heard a similar question on Islam Channel and the Shiekh said.."yeah, its ok to take a student loan, as a final resort"

 

However he did stress on finding a family member to fianancially help the student. inshALLAH.

 

:D

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:D

 

Ideally, you need to find a wealthy person willing to sponsor you!

 

Or, more realistically, you could apply for a sponsorship, where a company could sponsor you, paying all your tuition fees in return for your agreeemnt to work with them after your degree! I don't know how common this is, but you should consider it!

 

:D

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Asalamu Alaikum

 

As a last resort? I don't think anybody in my family will sponsor me, they think I'm barking mad with all this new graphic design talk. Asians! :D

 

Brother, I think student loans do involve riba. :D

 

The umm finding a company sounds ok as getting to work as a designer right away will be good, but I suspect they won't be dishing out good cash. But like to I get to say how long I must work for them after graduation or what?

 

Insha Allah, looking for some more replies/help and advice.

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The umm finding a company sounds ok as getting to work as a designer right away will be good, but I suspect they won't be dishing out good cash. But like to I get to say how long I must work for them after graduation or what?

 

 

:D

 

That would depend on the actual company itself!

If you could find a Muslim company willing to sponsor you, that would be extremely advantageous.

 

You need to find out if you are applicable to recieve any funding help from the Local Education Authority (LEA) if so that could also contribute towrds the top-up fees.

 

:D i will try and find out more about this whole company sponsorship

 

:D

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As-salaamu 'alaikum

 

Dear brother

 

I realise and know this is a dream of yours and something that you enjoy a great deal, but I hope that Allaah makes a way easy for you, so that you do not have to consume riba, and I say this because Allaah says:

 

"Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaytaan (Satan) leading him to insanity..." (2:275)

 

"O you who believe! Be afraid of Allaah and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers." (2:278)

 

And with Allaah is the facilitation to do what is right!

 

Was-salaamu 'alaikum

 

abu suhaylah

 

Further reading:

 

(www.)"you can't post links until you reach 50 posts_www.al-meezaan(contact admin if its a beneficial link)/social/riba_transactions.html"]A Warning Against Riba[/url]

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Asalamu Alaikum

 

Yes, I do realise how major a sin riba is brother. :D Do make dua insha Allah.

 

Please do find out about the company sponsorship sister, or if there's any individual Muslim bodies who do such things and help Muslim students.

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:D

 

Once i was speaking to a representative from the students loans company and the lady said -when a student takes out a loan, interest is added on over the years, however when the time comes to pay back the loan, the interest is taken away....and so in the end the student/person will pay back what he/she took out. This is because its related to inflation etc.

 

e.g. if a person took out £100 ...say £50 interest is added on whilst the student is studying and finding a job...and after a few years ...slowly when the person is paying back £10 a week..then the interest rate will go down, so he/she will pay £100 (and not £50)

 

But...this info is coming from a non-muslim...

 

and we as muslims, need to plan & prepare for death as it could come any time.

 

How about taking a loan from an Islamic Bank? or getting someone to take one out on your behalf?

 

:D

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Asalamu Alaikum

 

I was talking to a local Scholar today, and he says it's ok to take the student loan.

 

:D

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:D

 

If you look at your thread in the Education and careers part of the Forum, you should see my reply, which gives details about scholarships!

 

(www.)"you can't post links until you reach 50 posts_gawaher(contact admin if its a beneficial link)/index.php?showtopic=17147&st=0&p=158792&"]you can't post links until you reach 50 posts_gawaher(contact admin if its a beneficial link)/index.php?showtopic=17147&st=0&p=158792&[/url]

 

:D

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Asalamu Alaikum

 

Ok, this is confusing. I asked another Scholar and he says it's not permissable.

 

Like who do I believe now? :D

 

You know, I'm thinking of not even taking this loan now just so that if in the case it is considered as riba, I won't have dissapointed the Lord. Surely, all good comes to those who sacrifice for Allah, right?

 

But, still looking into the Scholarship thing, make dua all. :D Or if you know any Muslim design studios/companies who might be willing to sponsor someone, let me know. I tried the Muslim Directory, and heck, there's like only one. :D Man, how bad is that?

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Asalamu Alaikum

 

Are they really?

 

So what's all the fuss everyone kicks up about them then if it is interest free?

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:D

 

I have just found these:

 

(www.)"you can't post links until you reach 50 posts_www.fosis.com.uk/issues/studentloans.htm"]you can't post links until you reach 50 posts_www.fosis.com.uk/issues/studentloans.htm[/url]

 

(www.)"you can't post links until you reach 50 posts_www.central-mosque(contact admin if its a beneficial link)/fiqh/stuloan.htm"]you can't post links until you reach 50 posts_www.central-mosque(contact admin if its a beneficial link)/fiqh/stuloan.htm[/url]

 

the articles are basically saying that loans are permissable, as long as they don't involve interest! But, they do not clearly state whether they regard inflation as interest!

 

I think perhaps the local Ulema need to be consulted, :D

 

:D

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inflation as interest!

inflation is to do with intrest rates, its all under the catagory of intrest rates like so many other things like the cost of a packet of crisp.

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Assalamu alaikaum

 

It's a question of whether you think inflation is riba. In English their is Interest and Usury.

 

Inflation is like how a crisp used to cost 15p over 10 years ago, and now costs 30p.

 

My feeling is that Student Loans are ok as they are linked to inflation, and interest is not charged at a rate of profit (like credit cards or mortgages). If you read the Student Loans Company literature, you will find that it says that in order so that you pay back the amount you borrowed, you will pay interest at the rate of inflation, so essentially it is "interest" free.

Edited by Luffy

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As-Salaamu alaykum

 

I think its very dangerous for people to be throwing around Fatawa like its a baseball.

 

Get a copy of the contract that you have to agree too and sign and take it to a trustworthy person I.E. somebody who has studied Islam, and let them check it out. Be very careful about taking the opinion of people on the internet. Everybody becomes The Grand Mufti it seems.

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