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ERASMUS + Master Degree Loan

A loan of up to €12,000 for a 1-year Master or up to €18,000 for a 2-year Master.

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 available through banks in Spain and France and UK, for outgoing students from these countries pursuing postgraduate study abroad and students from other Programme countries going to Spain, France or UK for a Master course.

As more banks 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 and student loan agencies will be done gradually on a country by country basis.

Criteria

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

How to apply

Full details on how to apply can be found at: http://ec.europa.eu/programmes/erasmus-plus/node/11_en.

Deadline

For the terms and conditions of their Erasmus+ Masters Loans, please visit:


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