Erasmus+ Master Degree Loans are EU-guaranteed loans with favourable pay-back terms that can help you finance a Master course in an Erasmus+ Programme country.
The scheme is designed to support postgraduate students and protect them from student hardship with social safeguards including:
Currently the scheme is available through universities and banks in Spain, France, UK and Turkey for outgoing students from these countries pursuing postgraduate study abroad and students from other Programme countries going to Spain, France, Luxembourg or UK for a Master course.
As more institutions from around Europe join the scheme, more destinations for postgraduate study will become available. Some 20 to 25 banks are expected to join the scheme by 2020.
It is however not possible to say when exactly any particular country might be covered because the agreements with banks, student loan agencies and universities will be done gradually on a country by country basis.
You can receive a loan of up to €12,000 for a 1-year Master or up to €18,000 for a 2-year Master (or equivalent amounts in foreign currency for banks in non-Euro countries subject to currency fluctuations).
If you have completed a Bachelor-level (or equivalent) qualification and already been accepted onto a full Master programme in another Programme country, you may be able to benefit from a loan.
To be eligible you must live in a Programme country and your study destination cannot be in your country of residence or the country where you received your first qualification.
You can only receive a loan to study at a university holding the Erasmus+ Charter for Higher Education.
The loan is not available if you are only studying abroad for part of your Master qualification, though you may still qualify for an Erasmus+ grant.
The rate of interest charged on the loan will vary depending on which country the bank or institution lending the money is based. Nevertheless, the rate of interest will be lower than standard commercial rates.
To apply, address yourself to participating national banks, universities or student loan agencies.
MicroBank (the social bank of la Caixa) in Spain was the first bank to offer Erasmus+ Master Loans in 2015. From June 2016, Banque Populaire and Caisse d'Epargne from France (both part of the BPCE group) started providing EU-guaranteed Erasmus+ Master loans, joined in September 2016 by Future Finance Loan Corporation (from Ireland) for Master students in and out of UK.
All these banks (except Finansbank in Turkey) target both outgoing and incoming Master students, and applications must be made directly to them. As of December 2016, outgoing students from Turkey can also apply to Finansbank.
In January 2017, the University of Luxembourg joined the Erasmus+ Master Loan scheme and will allow Master students to defer payment of tuition fees and accommodation costs for two years.
You have to apply through a branch of the banks, the university or online, submitting the following documentation:
For the terms and conditions of their Erasmus+ Master Loans, please visit:
More information on the Erasmus+ Master Degree Loan.
Background information on Erasmus+ Degree Master Loans is available from the European Investment Fund.
Erasmus+: More support for mobility with Stefan Jahnke, former President of the Erasmus Student Network, on new opportunities for students with Erasmus+.
Follow Jorge Fernández on his way from Malaga to London, supported by an Erasmus+ Master Loan.