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Taking Interest: Difference between revisions
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# It is permitted for the yeshiva to give out student loans for tuition with interest since it is only a rabbinic form of interest in that the money was never given to the students to spend and a yeshiva is allowed to taking rabbinic forms of interest.<ref>[https://www.yutorah.org/sidebar/lecture.cfm/900500/rabbi-hershel-schachter/dinei-ribbis/ Rav Hershel Schachter (Dinei Ribbis min 35-40)] explained that it is permitted for a yeshiva to lend money on interest for student tuition loans since the money isn't given to the students as a loan and then repaid, it is used to pay off the debt for classes and services provided. Postponing paying for a service isn't derech halvah, the nature of borrowing, and therefore only a rabbinic form of interest, which is permitted for a yeshiva.</ref> | # It is permitted for the yeshiva to give out student loans for tuition with interest since it is only a rabbinic form of interest in that the money was never given to the students to spend and a yeshiva is allowed to taking rabbinic forms of interest.<ref>[https://www.yutorah.org/sidebar/lecture.cfm/900500/rabbi-hershel-schachter/dinei-ribbis/ Rav Hershel Schachter (Dinei Ribbis min 35-40)] explained that it is permitted for a yeshiva to lend money on interest for student tuition loans since the money isn't given to the students as a loan and then repaid, it is used to pay off the debt for classes and services provided. Postponing paying for a service isn't derech halvah, the nature of borrowing, and therefore only a rabbinic form of interest, which is permitted for a yeshiva.</ref> | ||
==Returning Interest== | |||
#A person who took interest that was in violation of Biblical ribbit must return the ribbit and if he doesn't the courts can extract it. Nonetheless the courts can force a person to fulfill his mitzvah to return the interest.<ref>Shulchan Aruch 161:5</ref> | |||
#A person who took rabbinic interest is obligated to return it but the courts can't force him to do so.<ref>Shulchan Aruch Y.D. 161:2</ref> | |||
#A borrower who paid rabbinic interest can't force the lender to return it and if he grabs it out of the hands or domain of the lender he must return it.<ref>Shulchan Aruch 161:3</ref> | |||
# A borrower who paid the rabbinic interest because a errant judge ruled he should do so is entitled to that money from the lender.<ref>Shulchan Aruch 161:4</ref> | |||
# A lender who collected interest from lending a commodity and getting that same type of item in return (''Seah Bseah'') violated rabbinic interest and should return it but the courts can't extract it from him.<ref>Shulchan Aruch 161:1</ref> | |||
#A person who took gifts to give a loan before the loan or a gift after the loan was repaid doesn't need to return it.<ref>Based on the Rashba's teshuva, Rama 161:2 writes that ribbit before and after the loan isn't as serious as other cases of rabbinic interest and doesn't need to be returned.</ref> | |||
# Children of the lender who collected interest doesn't need to return it unless their father did teshuva before he passed away and didn't get to return it and in such a case they should return any unique item that their father collected as interest.<ref>Shulchan Aruch 161:6</ref> | |||
# If a lender wants to do teshuva the lender should return the interest but the borrower shouldn't accept the interest in order not to prevent the lender from doing teshuva. That is only true if the majority of the lender's business and wealth is due to interest.<ref>Shulchan Aruch 161:7</ref> | |||
# A transaction about which there is a dispute if it is Biblical interest or rabbinic interest if the lender collected it he doesn't need to return it and if the borrower grabbed it back he doesn't need to return it.<ref>Shach 161:4. See Avnei Nezer YD Brit Avraham who questions it.</ref> | |||
==Borrowing Items== | ==Borrowing Items== | ||
# It is forbidden to lend an item to get back the same type of item. This is called Seah B'seah. For example, lending out a 5 pound bag of flour to get back another bag of flour is forbidden.<ref>Bava Metsia 75a</ref> | # It is forbidden to lend an item to get back the same type of item. This is called Seah B'seah. For example, lending out a 5 pound bag of flour to get back another bag of flour is forbidden.<ref>Bava Metsia 75a</ref> | ||
