Good Students program to offer student loans


During Monday’s regular Cabinet meeting, the Cabinet’s ministers approved the Good Students program to offer university students with loans for tuition.
The Good Students program aims to enhance public access to higher education; to improve the competency, responsibility and independence of students; and to improve opportunities for students to study by supporting competition among higher education institutions and improving education financing mechanisms.
Minister of Education, Culture and Sciences L.Gantumur and Finance Minister B.Bolor have been assigned with starting preparations for implementation of the order to issue student loans starting from May 2, 2016. The Good Students program will be carried out in two phases: short and long-term program enrollment.
Pension and salary loans being taken out through commercial banks to cover tuition costs will be automatically transferred to the Good Students program. Loans to cover education costs that have been taken out since January 1, 2016, will have their interest reduced to five percent. Students applying for the short-term loan program should have a GPA higher than 2.5, and must be enrolled in a full-time bachelor’s degree program at an accredited university or institute in Mongolia. Students receiving the benefits of the Good Students loan should be a family member of the borrower. Within two weeks of receiving loan funds, the borrower will be required to prove that tuition payment has been made with copies of transaction statements from the borrower and the university.
Students enrolled in full-time bachelor’s programs at an accredited university or institute of Mongolia are eligible to apply for the long-term student loan. Freshmen with entry exam scores higher than 650 are eligible to apply for the Good Students program loan. Sophomores applying for the loan must have a GPA of 3.5 or above.
The Good Students loan will have an annual interest rate of five percent and will not require collateral. The loan will have a four-year repayment term.

Short URL: http://ubpost.mongolnews.mn/?p=19477

Posted by on Apr 27 2016. Filed under Онцлох мэдээлэл. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

Leave a Reply

5 + 8 =

Recently Commented

  • Oyun: www.theblueeconomy.org
  • Honheree: It is a sad and awful sight to see so many animals dead from dzuds. These have happened in the past and since 2004 there have...
  • Harvey Dent: Mongolia does not get 476,000 tourists a year. Its gets 476,000 arrivals, most of these are Chinese construction workers....
  • Honheree: It is good but unusual that a Mongolian is so forthright. I am D. Ganbold will be criticised by Mongolians for telling the...
  • Honheree: Be thankful Mongolia is so cheap. In USA lamb in stores costs 69,281 MNT /kg and sirloin which is cheaper cut of beef is...