The Erasmus+ programme offers students the opportunity to apply for low-interest loans for a full Master’s programme in another European country.
Important: The first loans are only valid for Spain!
Students from an Erasmus programme country who go to another European country for a full Masters course can apply for the Erasmus+ Master Loan. The European Commission assures that these loans are granted on advantageous terms, e.g. the banks do not require loan guarantees from students or their parents and are low-interest. The loans can cover both life and tuition fees.
To apply for a loan, you must be a Bachelor graduate and have a residence in one of the EU member states. Your full Master’s programme must not take place in the country in which you reside or in which you obtained your Bachelor’s degree.
Funding is provided for a complete Master’s programme in one of the EU Member States, the former Yugoslav Republic of Macedonia, Iceland, Liechtenstein, Norway or Turkey (so-called programme countries). At the moment only one study in Spain is supported, the current developments and new countries can be followed on the website of the EU.
Students can apply for up to €12,000 for a one-year Master’s programme and up to €18,000 for a two-year Master’s programme (including tuition fees).
So far you can only apply for a Master’s degree in Spain. MicroBank in Spain (www.microbanklacaixa.es) is the first bank to participate in the Erasmus+ Master Loan programme. She will take care of your application and explain all further conditions to you. Other countries will follow shortly.
All important information can be found on the website of the European Commission.