The Merdeka Student Exchange Program provides opportunities for students to take part in the learning process at other universities to strengthen and improve their competencies. In addition, through the Merdeka Student Exchange Program, students are expected to increase their national insight, love their country, and have an understanding of diversity and tolerance. This research aims to describe the goals and benefits of the Merdeka Student Exchange Program of Yogyakarta State University students and analyze the obstacles experienced. This research uses qualitative methods by collecting data through observation, interview, and documentation. The data analysis technique for this research uses the interactive model from Miles, Huberman, & Sadana. Based on the results of the discussion, it shows that the goals of the Merdeka Student Exchange Program were achieved: 1) Increasing national insight, integrity, solidarity, and national adhesive between students through intercultural learning, 2) Developing leadership and Adaptive soft skills to increase the value of unity and nationalism 3) Provide opportunities for students to get learning experiences at the recipient universities, and get credit recognition. 4) Strengthen and enrich student competencies. The Merdeka Student Exchange Program also has problems in the implementation process, there are in socialization, facilities, course conversion, and financing.