Erasmus+ Master Loan Scheme

Level of study

Postgraduate taught masters

Subject area

Arts and Law, Engineering and Physical Sciences, Life and Environmental Sciences, Medical and Dental Sciences, Social Sciences

Nationality

Italy, Romania, Spain, Croatia, Turkey

Type of Award

External

Deadline for applying

None. Open all year.

Award Description

The Erasmus+ Master Loan intends to support full Masters studies by Programme country residents in a country other than either their country of residence OR the country where they received their first qualification. Erasmus+ Master Degree Loans are EU-guaranteed loans with favourable pay-back terms.  They’re designed to help prospective students finance their Masters courses in an Erasmus+ Programme country while leaving as little of a lasting economic footprint as possible.   

The scheme is designed to provide postgraduate students with the means to pay their tuition and living expenses – thereby allowing individuals to focus on their degree instead of managing their bank balance. 

Value of Award

Prospective Master students 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 exchange rates).

Eligibility Criteria

Prospective students must:

• Live in a Programme country
• Have completed a Bachelor-level (or equivalent) qualification before applying
• Have been accepted (before applying) to a full Masters programme in another country.  The university offering the programme must hold the Erasmus+ Charter of Higher Education

Currently the scheme is made available to students who are resident in the following programme countries - and who are seeking to study abroad in another programme country:

• Spain
• Italy (Emilia Romagna region)
• Croatia
• Romania
• Turkey

How to Apply

Prospective students should apply through the financial institution, the universities or online, submitting the following documentation:

• Certificate of completion of the last degree you have completed prior to the Masters degree you are applying for
• A receipt for the enrolment fee OR documentary proof of admission and of the cost of the Masters course

Each lending institution will have different terms and conditions – but all institutions will provide interest rates that are significantly lower than commercial rates. Students will therefore need to visit the specific bank or lending institution’s webpage - where they will be able to review specific terms and conditions.  These are listed below:

• MicroBank (outgoing & incoming students from/to Spain)
• Emil Banca Credito Cooperativo (established in the Emilia Romagna region in Italy - outgoing students from Italy)
• QNB Finansbank (outgoing students from Turkey)
• FINS, part of Educativa Group (outgoing students from Romania)
• PBZ - Privredna Banka Zagreb (outgoing students from Croatia)
• University of Luxembourg (incoming students into Luxembourg only)
• University of Cyprus (incoming students into the Republic of Cyprus only)

Website

https://ec.europa.eu/programmes/erasmus-plus/opportunities/individuals/students/erasmus-plus-master-degree-loans_en