ERASMUS+ MASTER LOANS
Higher education students who want to complete a full study programme at Master level in another Programme Country may be able to apply for an EU-guaranteed loan to contribute to their costs.
Erasmus+ Master Degree Loans enable potential Master’s students to gain access to loans (provided by participating banks and guaranteed by the EU, via its partner the European Investment Fund) to support their studies abroad over the lifetime of the Erasmus+ Programme. The EU budget allocation will leverage a multiple amount in financing from the banking sector for loans to mobile masters students.
The Erasmus+ Master loans will become available incrementally in more countries and to more students over the years, as of the academic year 2015-2016.
Amounts and object of the loans
The loans are up to 12,000 EUR for a 1-year Master programme and up to 18,000 EUR for an up to 2-year Master and can cover both living and tuition costs in any of the 33 Erasmus+ Programme Countries. Key social safeguards include no collateral by student or parents, favourable interest rate, favourable pay-back terms. The EU budget allocation of 517m EUR for guarantees (professionally managed by the European Investment Fund, part of European Investment Bank Group) will release a multiple amount in loans from the banking sector (up to 3.2 billion EUR) to mobile Master’s students. Thus, up to 200,000 students may be supported to do their Master’s studies in another Erasmus+ Programme Country.
To be eligible students must:
The Master (or equivalent) that they intend to study must:
Where to apply?
Directly to participating banks or student loan companies
More information on the Scheme and the participating financial institutions is available on the website of the European