is there any point of getting a student loan if you will be living at home?

username1039383

just wondering

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Reply 1

balotelli12

You paying cash for your tuition fees are you?

Reply 2

Klix88

Original post by Secretnerd123

just wondering

You'll need to travel to and from uni and buy books and stationery. Your parents might expect a contribution to the mortage/rent/food/utility bills of the household. You'll probably need some replacement clothes/shoes over the space of three years. You may even want to go out and socialise.

Unless you already have three years' worth of savings, or your parents pay for everything at home then give you an allowance which covers all of your uni-related costs for the duration of your course, then you're going to need some sort of income. So basically it's a Student Finance loan or a job.

Plus as balotelli says, the Tuition Fee Loan is vital for most undergrads.

Reply 3

gr8wizard10

You'll need to fund your life from here on out, student loan seems like the right way to go.

Reply 4

username1039383

Original post by Klix88

thank a lot for this info. how about if you have a p/t job though? im just trying to cut back on the debt but as you have pointed out, the loan is crucial

Reply 5

username1039383

Original post by Abdul-Karim

You'll need to fund your life from here on out, student loan seems like the right way to go.

i know but whole interest thing (islamically) is putting me off

Reply 6

nic-nac

The grant my friend gets doesn't cover his travel, social and lunch costs, so he took the grant/bursary but has a part time job to pay the extra, rather than getting a loan.

Reply 7

Swanbow

In general I'd say yes. You'll come across a lot of unexpected fees and books cost a fortune at this level. With such a low interest rate and the threshold you have to be earning to pay it back this will probably be the best loan you'll get in your life. Although having one is good you don't want to have to rely on a part time job to fund your way through university, especially as you get into third year. For all practical reasons I'd suggest getting one, but as you said you reluctance is due to religious reason.

Reply 8

nic-nac

Original post by Secretnerd123

i know but whole interest thing (islamically) is putting me off

Well it's just something you have to deal with. You need to sort out which is more important to you; having enough money to live, or not taking a loan out because it goes against your religion ever so slightly.

Reply 9

gr8wizard10

Original post by Secretnerd123

i know but whole interest thing (islamically) is putting me off

What a coincidence I was asking about that as well. Islamic opinion is divided. Some people believe that this is not Sharia-compliant while others believe that if such a loan is crucial to a student accessing education, then it can be.

How I see it, are we going to sacrifice higher education because of Interest if there's no other way around it? If it's a last resort such as in our case we have to accept student loan else we won't afford uni.

Reply 10

gr8wizard10

Original post by nic-nac

More than slightly. There are direct verses addressing the punishments for those dealing in interest (Riba)

Reply 11

Reform

Original post by nic-nac

Usury is among the major sins in Islaam.

Reply 12

SteelCookie

Original post by Secretnerd123

i know but whole interest thing (islamically) is putting me off

Islamically? Chances are, your parents and family members will have money in bank accounts which will be gathering interest now and then. Come to the realization that the way society works in the UK does not coincide with that of Islam.

I'm muslim myself by name, not a very strict one.

Reply 13

gr8wizard10

Original post by SteelCookie

I think the problem here is the fear of punishment. Knowing something is Haram and a major sin and then going ahead and doing it, It's better to see if there's alternative options. To make sure you're making the right decision.

Reply 14

Klix88

I see the problem. Are there any Islamic alternative sources? There must be many Islamic students in the UK who aren't independently wealthy, so there has to be a way round the problem. Can you get some specific advice from a religious institute near you?

It might be time to sit down with your parents and discuss the situation. Your uni expenses will be greatly influenced by their ability or willingness to offer support. If they can cover or subsidise your living costs, then you might be able to fund the rest with a part-time job.

However the tuition fees and Tuition Fee Loan are going to be the major headache I think. If you choose a course at the top of the cost range and can't take out the loan, then you'll have to find £27,000 before you even think about living costs and uni expenses.

Reply 15

officelinebacker

Original post by Secretnerd123

just wondering

Ok, if you're doing a 3 year course then even living at home you'll have £27,000 to pay in tuition fees, plus the costs of travel to & from Uni, course books, general day to day living costs, all of which will add up to a couple of thousand pounds or more despite you living at home, so over the course of your degree you'll have to pay out over £30,000.

Do you have £30,000 available to you? If you don't then are your parents prepared to give you £30,000 over the next 3 years?

If the answer's yes then fair enough, use that money and don't get a loan. If, as I suspect, the answer is no then you don't really have a choice.

Reply 16

nic-nac

Original post by Abdul-Karim

More than slightly. There are direct verses addressing the punishments for those dealing in interest (Riba)

Interest doesn't hurt anyone, it's just something you have to deal with in a non-Islamic country. I'm sure IF allah exists he would forgive you seeing as it's your only option and you're going to uni to better your life. Plenty of muslims take out a loan, and you're having to take out one for tuition fees anyway. And I'm sure plenty of muslims have a bank account accumulating interest ? Double-standards much.

(edited 10 years ago)

Reply 17

gr8wizard10

Original post by nic-nac

Yeah, I understand that it's the only option. It's what I'm trying to emphasize to OP.

Reply 18

nic-nac

Original post by Reform

Usury is among the major sins in Islaam.

Well unless they want to live in an Islamic state, they'll have to adjust to our way of doing things. I hate these double standards where people try and impose their culture on us, but won't stand for it in their country.