can someone help me with making a student loan? please help?
The question
i recently lost my FAFSA due to grades.
they told me to make a loan on studentloans.gov
-must fill out a 2011-2012 FAFSA attention
-visit www.studentloans.gov for more info and to apply..
-complete online entrance loan counseling session.
-complete an electronic MPN.(eMPN) for your first Direct loan.
i need help with this please please someone help????
Best answers:
Ramadan :Oh no! I am going Uni InshaAllah but the interest i have to pay..?
The question
Okay i am signing for universities on UCAS and i was reading the maintenance LOAN and the maintainance GRANT. The grant is fine…they’ll grant you some amount of money to help you with your study and essential things you need in your daily life if your household lack this amont of income. But the maintainance loan is like £9 000 a year. Thats like 3years x 9000. Thats 27 000!!!!
BUT THIS IS WHAT I READ.
Full-time students have to pay back any loans plus interest once you complete your course and start earning more than £21,000 a year. Part-time students who earn over £21,000 a year have to start paying back their loans after three years even if their course hasn’t finished.
If you leave your course early you need to repay a percentage of the Tuition Fee Loan for that year – see ‘Paying back your student loan’ for details.
You don’t have to pay back grants, scholarships or bursaries.
For 2012/13 courses, you can apply online for student finance from early 2012.
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Typesoffinance/DG_194804
I have to pay INTEREST? and that is USURY which is haraam in Islam. So what do i doo?????
@Katy i thought a loan meant that they grant you some money and pay the exact payment. It is only honest. But i feel like i should i follow the first question, just don’t pay it. LOL. protest!!
@A well you are lucky lol
You people are giving me UNSURE answers. It is either that or your answers are too strict, meaning without explanation. So yeah i am still confused. Lord help me make a excellent excellent choice.
Best answers:
What many do is have their family finance their University education, I know one family that pay all the University fees and living costs for those at university and have 2 studying now.
They have a family education fund which every member pays into and I recall that each of them even paid a percentage of their wages from jobs when they were at school.
That is the way families work in the ideal world, we support each other.
Added = Not me , University Education was free 20 years ago in the UK when I attended 
, I know many people that have had a interest free loan to pay their fees , they live in Muslim countries though.
As a teacher, can I qualify for BOTH Public Service and Teacher Loan Forgiveness Programs?
The question
There are 2 loan forgiveness programs available for elementary and secondary (public) school teachers:
1. STAFFORD LOAN FORGIVENESS PROGRAM FOR TEACHERS
Under this program, individuals who teach full time for FIVE consecutive, complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $ 17,500 in principal and interest on their FFEL and/or Direct Loan program loans.
2. PUBLIC SERVICE LOAN FORGIVENESS
Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments (i.e. 10 YEARS WORTH) on loans under certain repayment plans (IBR, income-contingent plans) while employed full time by certain public service employers.
So my question is this:
After graduating in 2012, I will enter the teaching profession as a high school science teacher. I start repaying my loans under the IBR plot. According to the above, does this mean that after 5 years, I will have up to $ 17,500 in loans forgiven, and then after another 5 years, ALL remaining debt will be forgiven?
This covers both forgiveness programs, and it does not say on the government student aid website that you can’t use more than one forgiveness program!!! If this is right, I reckon I’ve just learned a fantastic way to “beat the student loan system” (and not many people probably realize this crafty method).
***The only catch I can foresee is that if you do get $ 17,500 of your loans forgiven after 5 years using the Teacher Loan Forgiveness Program, that may disqualify you for the IBR repayment plot from that point on (since your loan debt will be lessened in relation to your annual income).
How’s my thought process on this? Is this all right?
Best answers:
Related Links
- FAQ: Is consolidating federal college loans a good idea? Federal College Loans 2012
- As a teacher, can I qualify for BOTH Public Service and Teacher Loan Forgiveness Programs?
- FAQ: Can anyone offer advice and/or personal experiences regarding consolidating federal AND private student loans? Consolidate Federal And Private Student Loans Together 2012
- is my lender bank of america or great lakes? Great Lakes Bank Student Loans 2012
- FAQ: Is student loan money sent directly to the school, or to you? Do you need to apply each school year? Student Loans Sent Directly To You 2012
Well, I still take the maintenance loan. I do this because there is really no other option for me if I want to get an education in Britain (even with interest it’s cheaper for me than other countries). I would feel terrible, asking my parents to pay my uni fees when they already pay for my accommodation and bills. I f they pay for my uni fees, they would have to pay my sister’s as well and that’s way too much.
Is it still haraam when you have no choice? Other than being uneducated with no prospects?
Your grant alone should get you 5,000 A year !! If you live in the US .Then just take as many classes as that covers. Unless your family is rich then they won’t pay it because you are under 21 . Or if you work yourself. In that case either your family helps you financially (as they should since their income is keeping you from receiving the whole grant amount) OR just place off college until you are 21 (I did) and don’t work (live with the family to avoid rent and living expenses) except part time (if needed) . You might be married and your husband can support you to (If your husband makes to much that amount for the loan will also go down)
Either way you can do it in a much better way than accepting interest based Student Loans.
Truth is you have nothing but time and no reason to rush. I started at 21 finished my BA at 25 ,got into an accident when I was 27 and in my first semester Med school, then had to DO ALL MY SCHOOL ALL OVER ! Because of my brain injury and the neurological hurt that occurred. Now at 35 I am back to going for a PHD
(First time around I lived with my parents and got the full grant and part time job ) But I make enough to pay for my own school now anyways even with a VERY supportive husband.
So you see even if you do everything right, there is much that is out of your control anyway and you just have to accept it and keep trying . If you want it terrible enough NOTHING will stop you.
Just do not expect for Allah to help you while you pay interest ! Or maybe he will help you in this life and you will reckon he approves only to find yourself later paying for it one thousand times over !! In this life (you may lose a job and can’t pay only for the interest to get higher and higher) or in the after life when you are sent to burn for it .
People do not achieve things in life for 2 reasons
1- They don’t want it terrible enough
or
2- They don’t want to do the work that is required to get it !
There will always be Reasons, Excuses and Results and the first two Excuses and Reasons will never count . The only thing that will count,show, and payoff is the Results ! !
That’s why I’m glad my kids are Scottish – they won’t have to pay such fees.
But you can start paying towards your education before the end – meaning you pay no or less interest. The other way is to borrow the money from relatives and pay the fees up front and pay your relatives back slowly interest free.
The student loans arrangement is designed to make the government and universities money and they do that via interest. So there is very small you can do in such a case.
The answer is simple – don’t take the loan.
Why does this come as a surprise to a person going to university, you have to pay interest on what you borrow? You are borrowing money… It is not free as you reckon as someone has to pay for it’s use.
I know, you are concerned because of usury…
ell me, what is the difference from the following:
You borrow 1000 pounds @10% interest and then pay it back 1100 pounds in one year.
Or you borrow 1000 and told to pay back 1100 pounds after a year. The 100 pounds in not considered usury but cost of borrowing.
What is the difference as you still pay 1100 pounds atthe end of the agreement.
Oh, one is a kaffir way and the other the way of Allah?
Really?
this is where it is a huge test for Muslims
this is the SOLE purpose why i cant go to university
but InshaAllah Allah has something better for me
question family/friends for help and u will pay back without interest when u get a job inshaallah. although even this is scarce these days… people just cant afford anything anymore subhanaallah.
tell them that you religion prohibits paying interest and you can give them charity.
http://www.questionsonislam.com/