Financing your studies with the E+ Master Degree Loan
The Erasmus+Master Loan Guarantee Facility aims to increase access to finance in order to enable students, regardless of their social background, to take a Master’s Degree in another Erasmus+ programme country, as a contribution to tackling skills gaps in Europe. Masters graduates will make an increasingly important contribution to innovation and entrepreneurship in Europe as the need for higher skills grows.
Erasmus+ Master Degree Loans are EU-guaranteed loans with favourable pay-back terms. They’re designed to help prospective students finance their Master’s 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. The programme aims to be as inclusive as possible, working under the following guidelines:
- 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.
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).
More information on the EACEA website
Who can apply for Erasmus+ Master loans?
Higher education students who have been accepted for a full Master’s study programme in a country other than where they obtained the qualification granting access to that Master and other than where they reside can apply for a loan to contribute to their costs.
Currently, the scheme is mainly made available to students who are resident in the following programme countries – and who are seeking to study abroad in another programme country:
- Italy (Emilia Romagna region)
Find more information on the EIF website