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Maysam22

Should I take a loan to study a Masters?

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Salam Alaykum to all,

 

I am in a situation here where I can't decide what to do. I have just finished my Bachelors degree in Aeorospace Engineering in the UK. I also have enrolled onto a Masters course to specialise in a subject which I am passionate about. The problem I have at the moment is the funding. As some of you who live in the UK know that the tuition fees are very expensive. During my undergraduate studies, I borrowed money from the student finance England. The amount of money I owe the government is nearly 40k. As for my Masters, I need to apply again for a loan to finance it and it still wouldn't be enough as I still have to borrow an additional amount from somewhere else. I have some savings but it won't be enough without taking the loan. I feel that my Bachelors degree didn't give me enough knowledge for the subject I am passionate about. On the other hand, I feel like getting an additional loan doesn't feel right and it will add up to my debt of 40k already. Then I will have to spend decades to pay back the money. It is also haram because interest is charged. I am very much in doubt as what to do. I would appreciate your advises and tips for my situation. I am sure there are people in a similar position as me.

 

 

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1 hour ago, Maysam22 said:

Salam Alaykum to all,

 

I am in a situation here where I can't decide what to do. I have just finished my Bachelors degree in Aeorospace Engineering in the UK. I also have enrolled onto a Masters course to specialise in a subject which I am passionate about. The problem I have at the moment is the funding. As some of you who live in the UK know that the tuition fees are very expensive. During my undergraduate studies, I borrowed money from the student finance England. The amount of money I owe the government is nearly 40k. As for my Masters, I need to apply again for a loan to finance it and it still wouldn't be enough as I still have to borrow an additional amount from somewhere else. I have some savings but it won't be enough without taking the loan. I feel that my Bachelors degree didn't give me enough knowledge for the subject I am passionate about. On the other hand, I feel like getting an additional loan doesn't feel right and it will add up to my debt of 40k already. Then I will have to spend decades to pay back the money. It is also haram because interest is charged. I am very much in doubt as what to do. I would appreciate your advises and tips for my situation. I am sure there are people in a similar position as me.

 

 

Question: Can I take an urgent loan from a non-Muslim bank, even if I know that the bank will charge interest?

Answer: If a Muslim intends to get a loan from such banks, it is necessary that he should do so with the intention that it is a transaction without return, even if he knows that he will end up paying the capital as well as the interest. And he should not do so with the intention of getting the loan with the condition of [paying] interest.

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2 hours ago, Maysam22 said:

Salam Alaykum to all,

 

I am in a situation here where I can't decide what to do. I have just finished my Bachelors degree in Aeorospace Engineering in the UK. I also have enrolled onto a Masters course to specialise in a subject which I am passionate about. The problem I have at the moment is the funding. As some of you who live in the UK know that the tuition fees are very expensive. During my undergraduate studies, I borrowed money from the student finance England. The amount of money I owe the government is nearly 40k. As for my Masters, I need to apply again for a loan to finance it and it still wouldn't be enough as I still have to borrow an additional amount from somewhere else. I have some savings but it won't be enough without taking the loan. I feel that my Bachelors degree didn't give me enough knowledge for the subject I am passionate about. On the other hand, I feel like getting an additional loan doesn't feel right and it will add up to my debt of 40k already. Then I will have to spend decades to pay back the money. It is also haram because interest is charged. I am very much in doubt as what to do. I would appreciate your advises and tips for my situation. I am sure there are people in a similar position as me.

 

 

It's not a crippling debt that you have to pay instantly. You only pay 9% on what you earn above 21k, and it's forgiven after 30 years. You've already got 40k to pay, another 12k or so for the tuition and maintenance loan to finish the MEng or do an MSc sounds worth it, you'll (insha'Allah) start on a better salary and that will boost your lifetime earnings. It's not like the other 40k is suddenly going to disappear if you decide not to go onto the fourth year. 

Edited by IbnMariam

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