Erasmus+ Master Degree Loans
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:
- No need for collateral from students or parents, ensuring equality of access
- Favourable, better than market interest rates
- Pay-back terms that allow graduates up to two years to find work before beginning repayment.
Currently the scheme is being made available through banks and universities:
- 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 or UK for a Master course;
- Universities of Luxembourg and Cyprus for incoming students from other Programme countries going for a Master course at these universities.
As more institutions from around Europe join the scheme, more destinations for postgraduate study will become available.
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.
How to apply
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, targeting both outgoing and incoming Master students.
They were joined in September 2016 by Future Finance Loan Corporation (from Ireland) for Master students in and out of UK. The company has temporarily suspended its operations under the scheme and intends to resume in time for the academic year 2018-2019.
As of December 2016, outgoing students from Turkey can also apply to Finansbank.
In January 2017, the University of Luxembourg signed up to the Erasmus+ Master Loan scheme, followed by the University of Cyprus in February 2018. By the academic year 2018-2019, these universities intend to allow Master students to defer payment of tuition fees and/or accommodation costs for two years.
You have to apply through a branch of the banks, the universities or online, submitting the following documentation:
- Certificate of completion of the last degree you have completed prior to the Master degree you are applying for
- A receipt for the enrolment fee OR documentary proof of admission and of the cost of the Master course
Find out more
For the terms and conditions of their Erasmus+ Master Loans, please visit:
- MicroBank (outgoing & incoming students from/to Spain)
- Banque Populaire / Caisse d'Epargne (residents in France)
- Future Finance (outgoing & incoming students from/to UK - temporarily suspended until summer 2018)
- Finansbank (outgoing students from Turkey only)
- University of Luxembourg (incoming students into Luxembourg only - launch by summer 2018)
- University of Cyprus (incoming students into the Republic of Cyprus only - launch by September 2018)
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.