Usary wa once a crime and it still is according to Islam. Debts aren’t created in Muslim banking partnerships and mutual risk are. Lenders invest in borrowers and share a mutual profit or loss but not interest. Which means if the partnership goes belly up everyone loses and the arrangement is void. The very notion of student loans and Western banking isn’t as much a service but it system of milking people in need.

For centuries, debt and indebtedness have had profoundly destabilizing effects on human societies. In the ancient world, rulers and their subjects had a solution: known as a debt jubilee, it involved a periodic, unconditional wiping out of debt. We need such a jubilee today.

Source: When Debts Become Unpayable, They Should Be Forgiven