money for the future

Chump101

in my defence- Newbie/First Post.

Aegis

ringo_24601 wrote: »

Right.. so use your bursary to start paying off your student loan now then

Sheesh, this is a very stupid financial conversation

I think that's unecessary and quite rude to be honest.

If the £3k per year is the sole income at the moment (or if additional income comes to less than £2k plus a bit extra), then any savings income would be tax free, and going into a savings account of any sort, whether interest paying or profit sharing, could easily outperform the interest due on the student loan. As such, if a Sharia compliant way of repaying the student loan can be arranged with the Student Loans Company, it would be extremely sensible to try and save the loan instead of paying it back. This could essentially turn into a few hundred pounds of free cash by the end of a normal-length course, making this a far from stupid conversation.

[Deleted User]

Right, sorry, little rude of me. I'll make up for it by posting a link about student loands and Sharia Law.

http://www.isite.salford.ac.uk/money/help/loans/riba.php

I just thought that if the OP wanted to stick the the 'ethics' of the religious rule, rather than the strict word of it, he should use his bursary rather than his loan to live off.

Aegis

ringo_24601 wrote: »

Right, sorry, little rude of me. I'll make up for it by posting a link about student loands and Sharia Law.

http://www.isite.salford.ac.uk/money/help/loans/riba.php

I just thought that if the OP wanted to stick the the 'ethics' of the religious rule, rather than the strict word of it, he should use his bursary rather than his loan to live off.

Very well made up, I thought. It was certainly very informative to me.

Badger_Lady

Chump101 wrote: »

btw badger_lady did you do dentistry/medicine; I am a dental student myself

I did Nursing (Mental Health). I'd been doing unqualified agency work for a few years beforehand, which I just kept going with (but then I am a workaholic!). I had to pay my way through A Levels as well - I moved out of home at 16, and did 20 hours a week at the nursing home to pay my rent etc.

I recognise it's not an option for everyone

caliston

I'm slightly confused by the OP's exact position, but if you're not strictly bound by Shariah and are more interested in ethical savings you could consider organisations like:
http://www.charitybank.org/
http://www.ecology.co.uk/
http://www.triodos.co.uk/

An alternative might be to put the money in an interest-bearing account and give the interest away to charity. Some accounts with monthly interest can be set to automatically pay it to a separate account, which you could choose to be the account of the charity of your choice.

On the other hand, the government is effectively paying interest on your behalf (because the student loan rate is less than the rate the government pays to borrow) so perhaps paying the loan back would save them having to pay interest.

chesky369

I do think that sometimes posters should be a bit clearer from the beginning about what precisely they're asking. We still don't actually know that he or she is talking about sharia law - but if so, it should have been made plan from the start.
More to the point, when the OP starts their 'dentisting' they're going to have to find somewhere to put all the mounds of cash they're going to make.

Chump101

I don't want to start an argument or dispute of any sort, so apologies for the unclear OP; things will be clearer next time.

A BIG THANK YOU to Aegis and ringo, badger_lady, caliston and chesky for all the input, take care folks :-)