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 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 or UK for a Master course.
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).
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