Erasmus+ Master Loans
Higher education students at master’s level who want to complete a full study programme in another Programme Country can apply for an EU-guaranteed loan to contribute to their costs.
Loans are offered by participating banks and student loan agencies on favourable conditions to mobile students and include better than market interest rates and up to two years to allow graduates to get into a job before beginning repayment.
The loan scheme is established in cooperation with the European Investment Bank Group and will be gradually put in place over the first few years of the Eramus+programme in the Programme Countries.
Who can apply for a loan
To be eligible to apply students must:
– be a resident of one of the Erasmus+ Programme Countries;
– have successfully completed first cycle higher education studies (Bachelor or equivalent);
– have been accepted for a 2nd cycle programme (Master or equivalent) at a recognised higher education institution (HEI) which holds the Erasmus Charter for Higher Education (ECHE).
The Master (or equivalent) that they intend to study must:
– be delivered in a different country from their country of residence and from where they obtained their Bachelor degree (or the equivalent degree giving them access to the Master programme)
– be a full programme that will lead to a (Master or equivalent) degree.
Amount of loan
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 living, tuition and other study costs in any of the Erasmus+ Programme Countries.
Key social safeguards include no collateral by student or parents, favourable interest rate, favourable pay-back terms.
Where to apply
Directly to participating banks, higher education institutions or student loan companies.
More information on the Scheme and the participating financial institutions is available here.