{"_id":"670712b4b825924c683fcd94","title":"{\"ops\":[{\"insert\":\"Should I pay zakat on money I’ve set aside to repay my student loans?\\n\"}]}","question":"{\"ops\":[{\"attributes\":{\"background\":\"transparent\",\"color\":\"#000000\"},\"insert\":\"Does money saved and set aside (but not yet paid back) for upcoming owed student loans require Zakat on it? For example - if someone has $10,000 saved to pay back their interest free student loans before they are due, but just didn’t submit it yet to fulfill the full amount saved (or is waiting in the federal forgiveness status which is up in the air right now), does one have to pay Zakat on it ? \"},{\"insert\":\"\\n\"}]}","answer":"{\"ops\":[{\"attributes\":{\"color\":\"#000000\",\"background\":\"transparent\"},\"insert\":\"Alhamdulillah for giving you the means to be able to pay back student loans before the interests start piling up.\"},{\"insert\":\"\\n\\n\"},{\"attributes\":{\"color\":\"#000000\",\"background\":\"transparent\"},\"insert\":\"Any money that is in your possession for one lunar year and is above the nisab (zakat threshold) must be purified by paying zakat on it, regardless of what you intend to do with that money. Therefore, in your case, you will need to pay zakat.\"},{\"insert\":\"\\n\"}]}","tags":[{"_id":"668d9ff50b76658b4c232a40","tag":"Zakat: Al-Mal","count":57},{"_id":"670712b4b825924c683fcd92","tag":"Loans","count":4}],"createdOn":"2024-10-09T23:33:08.764Z"}