What is an Erasmus+ Master Loan Scheme?
The Erasmus+ Master Loan provides up to €18,000 for postgraduates to study abroad. If you are thinking of studying for a master's degree in Europe, let us share the details.
- Master Studies
What is an Erasmus+ Master's Loan?
The Erasmus+ Master's Loan intends to support complete master's students in paying their tuition and living expenses, minimizing financial stress and allowing students to focus on their degree. Erasmus+ master's degree Loans are EU-guaranteed loans with favorable pay-back terms. They're designed to help prospective students finance their master's courses in an Erasmus+ Program country.
How do Erasmus+ Masters Loans work?
Erasmus+ loans are part of the Erasmus program, which funds and encourages international study and student mobility across Europe. It is different from other Erasmus funding that supports shorter international placements. An Erasmus+ Masters Loan is open to citizens of Erasmus Program Countries to study abroad in another Program Country with a participating bank.
Who can apply for an Erasmus+ Masters Loan?
Students can have an Erasmus+ Loan to study for a master's degree in a participating country. There are no restrictions relating to the field of study of your chosen master's degree.
To be eligible for an Erasmus+ Masters Loan, you must meet the following criteria:
- Live in a Program country.
- Have completed a bachelor-level (or equivalent) qualification before applying
- You have been accepted (before applying) to a complete master's program in another country. The university offering the master's degree in another country must hold the Erasmus+ Charter of Higher Education*
- You intend on studying in a new country which is not your current country of residence, and you have not previously studied in this country before
*Eligible universities and higher education institutions with a current Erasmus Charter for Higher Education (ECHE).
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Brexit and Erasmus+ Masters Loans
The UK no longer takes part in the Erasmus+ scheme. The Turing Scheme replaced Erasmus for British students, providing funding opportunities for international study.
Who provides the Erasmus+ Masters Loans?
Banks in individual countries provide the Erasmus+ Loans.
The banks agree to offer loans to students on favorable terms, and the Erasmus program partially guarantees the loans.
Loans are offered across multiple countries on the same terms but rely on individual banks agreeing to participate. Loans are not available in all Erasmus Program Countries. Banks and other organizations currently offer Erasmus+ Masters Loans in:
- Romania
- Spain
- Croatia
- Italy (Emilia Romagna region)
- Turkey
- Cyprus
- Luxembourg
How much can you borrow with an Erasmus+ Masters Loan?
An Erasmus+ Masters Loan will allow you to borrow up to €12,000 for a one-year master's program course or €18,000 for a two-year course (or equivalent amounts in foreign currency for banks in non-Euro countries, subject to exchange rates). You do not have to borrow the total amount in either case.
How do interest rates and repayments work for an Erasmus+ Masters Loan?
Individual banks devise the interest rates and repayment terms for an Erasmus+ Masters Loan under conditions set out by the Erasmus Program.
Repayment conditions for an Erasmus+ Masters Loan include:
- a one-year grace period before repayments begin
- optional one-year repayment holiday at any point post-graduation
Interest rates for an Erasmus+ Masters Loan are below-market to ensure Erasmus Loans are a better option than standard personal loans.
Will banks set additional criteria for Erasmus+ Masters Loans?
Participating banks set their lending terms and checks per the guidelines Erasmus set. Note adverse credit history may affect your loan application.
What is the application process for Erasmus+ Masters Loans?
You must have been accepted to study for an eligible master's degree before your loan application can be processed. Students need to apply to participating banks.
- MicroBank (outgoing & incoming students from/to Spain)
- Emil Banca Credito Cooperativo (established in the Emilia Romagna region in Italy - outgoing students from Italy)
- QNB Finansbank (outgoing students from Turkey)
- FINS, part of Educativa Group (outgoing students from Romania)
- PBZ - Privredna Banka Zagreb (outgoing students from Croatia)
- University of Luxembourg (incoming students into Luxembourg only)
- University of Cyprus (incoming students into the Republic of Cyprus only)
How to apply for an Erasmus+ Masters Loan?
Prospective students should apply for an Erasmus+ Masters Loan through the relevant financial institution, the universities, or online. You will need to show proof of the following documentation:
- Certificate of completion of the last degree you have completed before the master's degree you are applying for
- A receipt for the enrolment fee/proof of admission and evidence showing the cost of your chosen master's degree.
What are the Erasmus Program Countries and Erasmus Partner Countries?
Erasmus Masters Loans are only available for master's degrees in universities in Erasmus Program Countries and Erasmus Partner Countries.
Where can you study with an Erasmus+ Masters Loan?
Banks and universities must be located within one of the 33 Erasmus Program Countries to participate in the Erasmus+ Loan Scheme. These include all 27 EU members, candidate EU members, and EEA members.
Citizens of Program Countries can study for a master's degree in another Program Country, provided a bank in their host or destination country offers loans.
Masters Loans and other Erasmus funding
Students can apply for a Master's Loan if they have had Erasmus funding for a previous course. However, you cannot combine the loan with other Erasmus Masters funding for the same course.
Alternative funding to an Erasmus+ Masters Loans
Erasmus+ Loans are a great source of funding for European students looking to study abroad. However, Erasmus Mundus Joint Masters Degree scholarships also provide an excellent funding opportunity for specific courses.
We hope we have helped your understanding of Erasmus+ Masters Loans; it is an excellent way to study for a master's degree in Europe and an attractive option to finance your studies.
educations.com team
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