The Government of Mongolia has removed interest rates from its student loans. According to a study, nearly 50 thousand students need loans to cover their tuition. This year, 33,000 students will get interest-free loans, which can be repaid after graduation. Previously, the interest rate on the loans was five percent.

To apply for the loans, students must take at least 10 courses in a semester. The loans will not cover the cost of retaking any course due to unsatisfactory grades. Moreover, the minimum grade required is 2.8 for a bachelor’s degree and 3.2 for a master’s and doctoral degree.

 In Mongolia, students need to pay two million tugrik on average annually for a bachelor’s degree, while a master’s degree, on average, costs 2.5 million tugrik per year.

The Mongolian government approved MNT 75 billion for student loans in  the 2018 State Budget.