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May 15, 2020
Do I pay Zakat if I have a student loan?
Yes, you may still need to pay Zakat even if you have a student loan. If your total wealth is above the nisab (minimum threshold) after subtracting any payments due soon, then you must pay 2.5% Zakat on your remaining wealth. Student loans are usually paid over many years, so they don’t cancel your Zakat unless the debt brings your wealth below the nisab. Always calculate your net assets, not just your total loan.
It should be noted here that if one has the ability to pay off an interest-bearing loan sooner than later and avoid as much interest as possible, then this is highly encouraged and a much greater priority than Zakat.
Calculate your Zakat here.
For specific situations, Ask an Expert at NZF Canada.
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Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
Do I pay Zakat if I have a student loan?
Yes, you may still need to pay Zakat even if you have a student loan. If your total wealth is above the nisab (minimum threshold) after subtracting any payments due soon, then you must pay 2.5% Zakat on your remaining wealth. Student loans are usually paid over many years, so they don’t cancel your Zakat unless the debt brings your wealth below the nisab. Always calculate your net assets, not just your total loan.
It should be noted here that if one has the ability to pay off an interest-bearing loan sooner than later and avoid as much interest as possible, then this is highly encouraged and a much greater priority than Zakat.
Calculate your Zakat here.
For specific situations, Ask an Expert at NZF Canada.
explore faqs
Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
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