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The policy on cross-border mobility learning formed by the Ministry of Education, Science and Culture strives to ensure that students can choose and arrange their studies to suit their own personal needs and gain as much as possible. The main purpose of the Icelandic Student Loan Fund is to accommodate this goal by supporting students financially with both tuition fees and maintenance (http://www.althingi.is/altext/145/s/1512.html, only available in Icelandic).
Exchange studies are offered in formal, general education. There are no top-level policies or laws which directly govern the arrangement of international co-operation among higher education institutions as they are relatively autonomous in so many aspects. However, Icelandic universities are engaged in international co-operation which helps students mobilize for their studies. University of Iceland is a member of the Nordplus, through which students can exchange to universities in the Nordic and Baltic countries, and Erasmus +, through which they can exchange to the European Union as well as Norway and Turkey (http://english.hi.is/university/europe%20). The university also co-operates with universities from outside Europe to which students can exchange.
The Erasmus + and Nordplus programs offer grants to students in the form of travel and residency. In addition, all students, whether studying locally or abroad, are entitled to a loan from the Icelandic Student Loan Fund.
As described in chapter 2 on voluntary activities, Iceland participates in international programs which allows young people to go abroad as a volunteer for various subjects. Young people can for example participate in the European Volunteer Service, which is hosted by the Erasmus + program. However, no standards or quality criteria have been set by top-level authorities regarding these actions.
No public funding is directly allocated to these projects. However, institutions responsible for them receive public funding.
No system of quality assurance of cross-border learning mobility exists in Iceland.