1 out of 4 students with loans is either behind on payments or has defaulted. Interest-free education can change everything, especially for our Muslim brothers and sisters. Many students have a hard time getting a higher education because of the soaring costs of colleges and universities. Taking out a loan with interest only makes things worse. However, A Continuous Charity can make it easier for students to get an education. Starting life without debt keeps families together and strengthens them. Studies have found that financial problems due to debt and overspending are leading causes of divorce in the U.S.
Benefits are also possible for students who choose an interest-free loan to abide by the principles of Islam. This not only empowers the Muslim youth but also allows blessings in our wealth and lives. Financial success is achieved by removing the excess interest students incur on their loans. Every dollar a student pays goes directly to their principal, saving them money and allowing them to pay back their loan faster.
Positive Impact on Education
The positive impact of educating students includes increasing household income, which benefits the economy, improving quality of life in various ways, and increasing the presence of educated Muslims.
A Continuous Charity (ACC) aims to address the education crisis by providing students with the opportunity to access interest-free loans for their higher education. The current system is a significant issue, with 70% of Bachelor’s degree recipients leaving school with debt. Between 2000 and 2013, there was an 87% increase in tuition and fees at a four-year public college, leading to an estimated $2,726.27 per second.
Interest-free education can make it easier for students to get an education, strengthen families, and allow blessings in our wealth and lives. Removing the excess interest students incur on their loans, makes it easier for students to pay back their loans. Every dollar a student pays goes directly to their principal, saving them money and allowing them to pay back their loan faster.
The positive impact of educating students includes increasing household income, which benefits the economy, improving quality of life in various ways, and increasing the presence of educated Muslims. The ACC aims to create a system where students can access interest-free loans for their higher education. Interest is a big deal, and no student should have to sacrifice their principles to get a higher education.
Ways You Can Support ACC on Their Noble Mission
Three ways to help spread the word about ACC are by liking their social media accounts, inviting them to your community for a presentation or fundraiser, and donating to help more Muslim students receive higher education without interest and build your Sadaqah Jariyah.
The $1.56 trillion student debt crisis is the second-highest level of consumer debt, following mortgages. Research indicates that 70% of college students will graduate with debt, and 69% of college students took out student loans, with an average debt of $29,800.
Providing an option for an interest-free loan to abide by the principles of our faith to please Allah will empower the Muslim youth and allow blessings in our lives. By removing the excess interest students incur on their loans, we make it easier for students to pay back their loans. A Continuous Charity aims to create a system where students can access interest-free loans for their higher education, enabling them to better themselves without having to compromise their way of life.