Under Erasmus+ eligible financial intermediaries (for example banks or student loan agencies) can provide EU-guaranteed loans for students to take a Master's degree abroad.
The opportunity is managed and implemented on behalf of the European Commission by the European Investment Fund (EIF) through the Erasmus+ Master Loan Guarantee Facility.
In order to take part, eligible financial intermediaries must apply to the EIF through the call for expressions of interest (open until September 2020 or until the available funds are exhausted).
Eligible organisations are public or private financial intermediaries authorised to carry out lending to individuals in accordance with the relevant legislation and regulations.
They must also be based in one of the Programme Countries, including countries in the European Union as well as:
Through Erasmus+, the EIF provides guarantee cover on the portfolios of student loans to eligible financial intermediaries, allowing them to provide more loans to more students at a reduced risk, as well as at reduced interest rates for the students.
Erasmus+ Master Loans cannot exceed €12,000 (or the equivalent in local currency) for a one year Master's course, or €18,000 (or equivalent) for a course lasting more than one year.
The loans are designed to enable access to financing for students and, as such, certain terms and conditions apply, such as waivers of collateral (as the EU guarantees against default) or options to delay the payments until after the end of the study period (minimum one year, up to two years).
Students accepted for a full Master's programme must study in a country other than the one in which they obtained the qualification granting them access to the Master's course, and other than their country of residence.
The institution hosting the Master's student must hold a valid Erasmus Charter for Higher Education.
Applications must be submitted to the EIF, including the necessary application documents provided on the Loan Guarantee Facility page.
Applications to provide loans must be submitted before 30/09/2020 to the EIF.
More information on Erasmus+ Master degree loans is available from the EIF website.