Mongolian students to get interest-free loans next academic year
The loans are part of the efforts to reduce the financial burden on households, and the students must repay the loans within six to ten years after graduation.
A total of 35,000 Mongolian students will get interest-free loans during the 2018-2019 academic year. The loans are part of the efforts to reduce the financial burden on households, and the students must repay the loans within six to ten years after graduation, the Ministry of Education, Culture, Science, and Sports said. Tuition fees are a big financial burden for most of the country's households which on average earn a monthly income of 700,000 to 800,000 tugrugs (284-324 U.S. dollars). In Mongolia, students need to pay 2 million tugrugs (about 850 U.S. dollars) on average annually for a Bachelor's degree, while a Master's degree costs 2.5 million tugrugs per year on average. In February, the Mongolian government decided to remove interest rates from its student loans. The interest rate of the loans was 5 percent before the removal.