Asaalamu alaykum. I pray you are well. I had a quick query if possible. I’m not very knowledgeable about money and so I want to make sure I am doing the right thing. Two years ago, I took out a student loan without realising it was haraam. May Allah forgive me. I am now in third year which is self funded. My parents are prepared to pay off my first two years of loans now but I wanted to make sure that this is the right decision with regards to interest rates. Right now, as I haven’t finished as far as I am aware the interest rate is 5.6%. At different earning thresholds after I leave the interest rate varies. Is it right to pay it all off now before I finish or wait till after? I just want to do the right thing, I find this all very confusing. JazakAllah Khair. May Allah reward you.
May Allah bless you.
If you can afford to pay it all as soon as possible, then you should do so.
And Allah knows best!