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
- EU, Spain
- Type of Award
- Deadline for applying
- None. Open all year.
The Erasmus+ Master Loan is a new initiative managed by the European Investment Fund (EIF) on behalf of the European Commission’s Directorate-General for Education and Culture. Spanish students can apply for the Erasmus+ Master Loan via MicroBank.
Value of Award
The Erasmus+ Master Loan, of up to €12,000 for a one year Master's programme, is to help Master’s students with their living and tuition costs when studying in a different country from their country of residence.
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.
From June 2016, Banque Populaire and Caisse d'Epargne from France (both part of the BPCE group) started providing EU-guaranteed Erasmus+ Master loans for students residing in France.
They were joined in September 2016 by Future Finance Loan Corporation (from Ireland) for Master students in and out of UK.
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; it intends to allow Master students to defer payment of tuition fees and accommodation costs for two years. Check the university's website regularly for news on the availability of the scheme.
You have to apply through a branch of the banks, the university 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
For more information, please visit the Erasmus+ Master Loan website.
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