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The students, who were returning to Diyala University after a weekend break, were halted by gunmen at a fake checkpoint and taken away.
The province of Diyala, where the incident took place, is seen as one of the most dangerous parts of Iraq.
In the last week alone, two attacks in or close to Baquba itself killed at least 80 people.
Women released
Sunday's kidnapping happened at a town called Kanan, close to Baquba, when the students' minibus was stopped at the gunmen's makeshift checkpoint.
The gunmen, whose identity is unknown, reportedly released all the women on board, taking only men.
Two weeks ago, 42 students were abducted near the northern city of Mosul but were found by Iraqi security forces hours later.
Kidnapping - for both political and financial motives - is rife in Iraq. No official count is kept of how many people are seized.
After the apparent successes of the US troop surge and local groups taking on al-Qaeda, the number of deaths from insurgent attacks in Iraq has been rising over recent months.
Much of the violence has concentrated on the north of the country. Analysts say militant groups have regrouped there after being pushed out of Baghdad and western areas last year.
(BBC)
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