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| Student loans and intrest rates |
Question: I'm from Norway, and need advice on student loan and interest rates. I am a student and take up loan, from the state to study, that I will pay back with a floating or fixed interest rate after I finish the degree in a couple of years. we have a university in the city I'm from but they did not have the Program that I wanted to take so I moved to the University where they had the program. my family lives in another city and I study a different place, therefore I must take up the study loan but if I had lived with my family I do not need any kind of loan. Back payment of the loan with interest rates may take up to 25-30 years of full-time job but as a girl I know that I am never going to work so much and so long. in this country, we have no choice but to take up loans with interest rates if we need to study away from home. what should I do? Is it Haram to take up the study loan with interest rates? Answer: Taking an interest based loan is not permissible. Dealing with usury is a major sin. Study a different course in your own city to avoid taking out a usurious loan.
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