Ulaanbaatar
Students to receive no interest loans
Economy
Ulaanbaatar /MONTSAME/ According to the Government decision in February to reduce the five percent interest rate of ‘Student development loan’, a new regulation on student loan will enter into force on May 1.
The no interest rate loan will be issued through the Education Loan Fund, not through commercial banks. The long term loan will be granted with insurance and without collateral and co-borrower.
The main requirement is that the borrower must take at least ten-hour class per semester and be evaluated. The loan will not cover fees for the failed course retake. Moreover, the loan will be continued only if undergraduate borrower’s GPA for the last semester is 2.8 and above and postgraduate borrower’s 3.2.
Students will pay their loans after their graduation, when they get a job.
B.Misheel
