The Erasmus+ Master Loan is currently available in France, Spain, the UK, Turkey, and Luxembourg. The loan is to help Masters students with their living and tuition costs when studying in a country other than where they live or where they took their first degree. The terms of the loan include:
- no need to provide collateral when applying for the loan;
- an interest rate lower than the market rate;
- a grace period of up to one year before repayments begin;
- a further payment holiday of up to one year.
The scheme is managed by the European Investment Fund (EIF), which publishes details of participating banks, student loan agencies, and other organisations. More information on the management of the Master Loan is on the European Commission's Erasmus+ Master Degree Loan webpage.
Who can apply?
To be eligible to apply for the Master Loan, you must be a resident of one of the Erasmus+ Programme Countries.
You must already have a bachelor’s degree (or equivalent) and have been accepted for a Masters (or equivalent) at an institution that holds the Erasmus Charter for Higher Education (ECHE). You can check whether a university has the ECHE on the European Commission's website.
Students who have already received an Erasmus grant during their first degree can still apply for an Erasmus+ Master Loan.
The loan is for a full Masters programme in a different country from your country of residence. The country where you plan to study must be different from the country where you took your first degree. If you study for only part of your Masters abroad, you are not eligible for this loan. You may qualify for an Erasmus+ mobility grant instead, but please talk to your university about your options.
You cannot have an Erasmus+ grant and an Erasmus+ loan for the same place. However, you can apply for both types of funding if you study abroad for a full Masters and part of the course is in another Erasmus+ Programme Country (excluding your home country or a country where you have studied before).
How much can you borrow?
For a one-year Masters degree, a loan of up to 12,000 euro is available. For two-year courses, the maximum is 18,000 euro. You do not have to borrow the full amount.
How to apply
Please note that the Erasmus+ UK National Agency is not involved in the administration of the loan. Enquiries and applications must be made direct to the bank, agency or organisation that administers the scheme in a particular country.
Spain: for students from Spain taking their Masters in one of the Erasmus+ Programme Countries, and for students from those countries going to Spain for a Masters. Apply to Microbank.
UK: for students from the UK taking their Masters degree in one of the Erasmus+ Programme Countries, and for students from those countries studying in the UK for their Masters. Apply to FFLC.
Turkey: available for students from Turkey only. Apply to Finansbank.
Luxembourg: for incoming students from Erasmus+ Programme Countries for five Masters programmes. Apply to the University of Luxembourg.