Erasmus+ Master degree loan
Publish date: 10.02.2017
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.
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).
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. From June 2016, Banque Populaire and Caisse d'Epargne from France (both part of the BPCE group) started providing EU-guaranteed Erasmus+ Master loans, joined in September 2016 by Future Finance Loan Corporation (from Ireland) for Master students in and out of UK.
All these banks (except Finansbank in Turkey) target both outgoing and incoming Master students, and applications must be made directly to them. As of December 2016, outgoing students from Turkey can also apply to Finansbank.
In January 2017, the University of Luxembourg joined the Erasmus+ Master Loan scheme and will allow Master students to defer payment of tuition fees and accommodation costs for two years.
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
Find out more
For the terms and conditions of their Erasmus+ Master Loans, please visit:
- MicroBank (outgoing & incoming students from/to Spain)
- Banque Populaire / Caisse d'Epargne (outgoing & incoming students from/to France)
- Future Finance (outgoing & incoming students from/to UK)
- Finansbank (outgoing students from Turkey only)
- University of Luxembourg (incoming students into Luxembourg only)
More information on the Erasmus+ Master Degree Loan.
Background information on Erasmus+ Degree Master Loans is available from the European Investment Fund.