Question Summary:
Student loan & Zakat

Question Detail:

I have a student loan of £9000 that has gone direct from the student loan company to my university and is payable by me once I earn over £15,000, but I have not reached the payment stage yet. Also as part of the student loan they have given me £5000 and deposited it in my student bank account. I have a job and have £11,000 in a separate personal bank account. On what do I pay Zakat? 

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to your explanation, you have a liability of £14 000 and you have £11 000 savings in your personal bank account.
Your liability exceeds your savings and therefore you are exempt from Zakaat.
And Allah Ta’āla Knows Best
Mufti Ebrahim Desai.