tuition fees

salam (peace). serious question. how do you pay off ur tuition fees? i mean it involves interest and thats haram. does anyone have any other alternatives to pay off the tuition fees, i mean are there any banks that allows you to take a loan with no interest?

Reply 1

Klix88

Original post by Orangeoo3

Your only option in the banking sector would be Islamic banks and I don't believe they have a specific student offering at the moment. There are no non-Islamic banks which offer interest-free loans.

Apart from that, it would be loans from friends/family with whom you can make repayment arrangements which fit your requirements. Another option would be to delay going to university until later in your life when you've had time to work and save up. Maybe a combination of both?

Reply 2

Orangeoo3

Original post by Klix88

did u just say there are non islamic banks which offer interest free loans? which ones are they?

Reply 3

balotelli12

Can't you read?
The poster said there are NO non Islamic banks giving interest free loans!

Reply 4

Klix88

Original post by Orangeoo3

did u just say there are non islamic banks which offer interest free loans? which ones are they?

No. I said:

There are no non-Islamic banks which offer interest-free loans.

Reply 5

Old_Simon

Haram ? What country are your student loans coming from ?

Reply 6

Klix88

Original post by Old_Simon

Haram ? What country are your student loans coming from ?

I think this is the problem. The OP is in the UK and looking for an Islamic-style student loan, which doesn't exist in this country.

Reply 7

Orangeoo3

Original post by Klix88

I think this is the problem. The OP is in the UK and looking for an Islamic-style student loan, which doesn't exist in this country.

man, i just want to take a loan without any interest. why is it that hard?!

Reply 8

Jophesxi

Original post by Orangeoo3

man, i just want to take a loan without any interest. why is it that hard?!

Because banks would be making very little if they just handed out interest-free loans. I had no idea that they even existed.

Reply 9

balotelli12

Original post by Orangeoo3

man, i just want to take a loan without any interest. why is it that hard?!

They don't exist. Even Islamic banks make money just under a different name.

Reply 10

Miel Purple

Then don't borrow from British banks,..pay it yourself.

Reply 11

kumori

Original post by Klix88

Their is however none-islamic banks that offer loans that are Islamic friendly (think they give the profit from interest to "good causes" or something) but that being said I think they only offer not that big of loans

Posted from TSR Mobile

Reply 12

rickfloss

Original post by Orangeoo3

well, considering that the loan is written off if you dont make enough money, there is no usury involved.

seems allah/muhammed would be a-ok with it

Reply 13

Orangeoo3

Original post by rickfloss

well, considering that the loan is written off if you dont make enough money, there is no usury involved.

im a little confused here, as soon as you get a loan interest will occur or is it after a set period of time? if so, then how long?

Reply 14

Old_Simon

Funny how many "devout" Muslims appear to have no problem with copious loans for uni.

Reply 15

Old_Simon

[QUOTE="Orangeoo3;46773844"]

Original post by rickfloss

Check out the Student Loans. They know.

Reply 16

Orangeoo3

Original post by Old_Simon

Funny how many "devout" Muslims appear to have no problem with copious loans for uni.

i cant seem to find it on the website :s-smilie:

and if they were devout they would surely hate the fact that they have to take it, but they might think they have no other choice

Reply 17

Orangeoo3

Original post by arson_fire

You accrue interest at inflation+3% (about 6%) from when you get the loan till you graduate. Once you graduate the amount of interest depends on your salary. The interest rates are here:

https://www.gov.uk/student-finance/repayments

aaah i see. thanks for your help :smile:

in the end ive found out that there are no banks that give interest free loans and that interest occurs as soon as you take the loan. well, this is just wow