Sharia Law and Student Loans:  Is Interest Deductible?

Today’s blog post was written with the assistance of Daniel S. Eckenrode.  Daniel received his JD and LLM in Taxation from Villanova University School of Law. He is avidly learning about US- Middle Eastern international taxation. Daniel’s interest in this field stems from his studies and interaction with the Arabic culture at St. John’s University in New York. He hopes to specialize in this area and eventually to become one of its leading experts. Introduction This article follows earlier blog posts written with the assistance of Daniel, concerning riba – generally, the Islamic prohibition on the payment of interest — and its impact on otherwise available US tax deductions for interest payments. The earlier posts, which can be found here and here, dealt with mortgage loans and Sharia-compliant alternatives to traditional mortgage loans. They also examined whether “interest” paid on these alternatives might be deductible for US…

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