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In England it now costs £9,000 a year to go to university. The only way i can go to university is if i take out a loan. The student loan system requires you to repay the borrowed money by paying installments plus the rate of inflation and an extra 3% on top of that. As there is no other way of me getting into higher education is this permissible and does this count as riba?

asked 101 aaziz7's gravatar image

According to the British student loan system, you are not paying for interest but the inflation rate. so if the value of money has gone down since, you will still be paying the original loan back. something like that.

answered 7513 ZAli's gravatar image

yeah but since the new system has come into place you dont just pay inflation you pay an extra 3% on top of that too

(Feb 07 '13 at 13:38) aaziz7 aaziz7's gravatar image

I think that would count as riba, but I am not entirely sure, so it is advised to ask someone more knowledgeable.

(Feb 07 '13 at 13:43) ZAli ZAli's gravatar image

ok thank you!

(Feb 07 '13 at 13:45) aaziz7 aaziz7's gravatar image

No problem

(Feb 07 '13 at 13:49) ZAli ZAli's gravatar image
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Asked: Feb 06 '13 at 12:51

Seen: 1,532 times

Last updated: Feb 07 '13 at 13:49

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