Now, with the Erasmus+ Master’s Degree Loan, it’s easier than ever to study for a Master’s Degree in a European University.
Whatever your age and income, you can apply to the loan without security of any kind. And best of all: you will start repaying it a year after you finish your studies.
Under Erasmus+ eligible financial intermediaries (for example banks or student loan agencies) can provide EU-guaranteed loans for students to take a Master’s degree abroad.
The opportunity is managed and implemented on behalf of the European Commission by the European Investment Fund (EIF) through the Erasmus+ Master Loan Guarantee Facility.
In order to take part, eligible financial intermediaries must apply to the EIF through the call for expressions of interest (open until September 2020 or until the available funds are exhausted).
Eligible organisations are public or private financial intermediaries authorised to carry out lending to individuals in accordance with the relevant legislation and regulations.
They must also be based in one of the Programme Countries, including countries in the European Union as well as:
- Former Yugoslav Republic of Macedonia,
- Liechtenstein, and
Through Erasmus+, the EIF provides guarantee cover on the portfolios of student loans to eligible financial intermediaries, allowing them to provide more loans to more students at a reduced risk, as well as at reduced interest rates for the students.
10 Frequently Asked Questions
Which is the maximum amount I can ask for it? 18.000€
Can I ask for a smaller amount if I don’t need the maximum amount of 18.000€? Yes.
Do I need any security? No.
When do I have to repay the loan? You will have three years grace on principal. Taking into account FAME+ is a two-years programme, you will start paying it back one year after you finish the Master Studies. Therefore, you will have to pay all the amount required in a maximum of six years.
Who can apply? Residents in any of the EU State Members (28) + its Associate State Members (Iceland, Turkey, Norway and the FYR of Macedonia).
Is there any setup fee? Yes, 1% of the loan. 180€ in case of students asking for 18.000€.
Are there interest rates? Yes, 5.15% annual, fixed throughout the term of the loan.