Erasmus+ Master degree loans
About the loan scheme
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.
- Eligible countries or regions
- All EU/EEA countries
- Duration of scholarship
- Duration of Master's programme
- Maximum financing
Eligibility for an Erasmus+ Master Loan
Currently the scheme is available through banks in selected countries for outgoing students from these countries pursuing postgraduate study abroad and students from other Programme countries going to selected countries for a Master course.
As more banks from around Europe join the scheme, more destinations for postgraduate study will become available. Some 20 to 25 banks are expected to join the scheme by 2020.
It is however not possible to say when exactly any particular country might be covered because the agreements with banks and student loan agencies will be done gradually on a country by country basis.
Amount of scholarship
How much can be borrowed as an Erasmus+ Master Loan?
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).
How to apply
If you want to find about more about the criteria and how to apply, please visit the Erasmus + Master Degree Loan website.