Paying interest : paying back loan with interest

Fatawa Question

Two years ago I started going to school. To finance my studies I first thought that the financial aid was a grant from the government that I don't have to repay. After I started for three months I found out that it was a loan that I have to repay with interest after graduation. Now I have finished my graduation I want to ask if I should repay the whole amount or pay the monthly payments for ten years knowing that either way there is an amount of interest that I have to pay. In addition my financial situation doesn't allow me to pay the whole amount at once, because I need to travel to see my parents this year... Please tell me what should I do ? Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2008-04-08

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Loans
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-730474

• APA
• MLA
• AMA