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Yes, you may be entitled to pay Zakat if you have a student loan. If you are not making any payments toward your loan right now, then there is nothing for you to deduct and you will simply pay Zakat on your net Zakatable assets.
Once your Zakat has reached the Nisab, then Zakat is mandatory to pay. However, when calculating one’s Zakatable wealth, the amount of debt, payable loans, and future or past expenses can affect the total amount that is truly Zakatable. For more information, read our full post here.
Nisab is the minimum threshold of wealth a person must own at which Zakat becomes payable. Nisab for gold is 20 Dinar or 85 grams and the Nisab for silver is 200 dirhams or 595 grams. Most scholars prefer the lower value (silver Nisab) be used because this results in more people paying Zakat and more people getting assistance from Zakat.
Zakat is only due on gold and silver, and is not due upon any other metals or precious stones. Read the full post to find out how to calculate gold and silver.