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Erasmus+ Masters Loans

Erasmus Masters Degree Loans provide up to €18,000 for postgraduates to study abroad. They were first announced as part of the Erasmus+ funding phase in 2014 and are now available for students in 2018.

So, if you're planning on studying a Masters in Europe, an Erasmus Loan could be ideal for you!

This page provides an overview of the Erasmus+ Masters Loans system. It explains which countries currently offer loans, who can apply and what how the system will develop in the future.

Other forms of Erasmus funding are also available. For more information see our introduction to Erasmus Masters funding or our guide to Erasmus Mundus Joint Masters Degrees.

Erasmus+ Masters Loans - Key Details
Funding scope 2014 - 2020
Participating countries in 2018-19 Spain, France, the UK, Turkey and Luxembourg.
Loans available (estimated) 200,000
Value €9,000 - €18,000 each

How do Erasmus+ Masters Loans work?

Erasmus+ loans are part of the Erasmus programme, which funds international study and student mobility across Europe. Whereas other Erasmus funding supports short international placements or specific Joint Masters Degrees, loans are more flexible.

Eligible students can take out an Erasmus+ Loan to study any existing Masters in a participating country.

Who provides the loans?

Unlike other postgraduate loans, the Erasmus+ Loans are not offered by governments. Instead they are provided by banks in individual countries.

The banks agree to offer loans to students on favourable terms. In return, the Erasmus programme partially guarantees the loans.

This system allows the same loans to be offered across a range of countries on the same terms. However, it relies on individual banks agreeing to participate. As a result, loans are not yet available in all Erasmus Programme Countries.

In 2018, Erasmus+ Masters Loans will be offered by banks and other organisations in Spain, France, the UK, Turkey and Luxembourg. Other countries will join the scheme as their lenders agree to participate.

How much are the loans worth?

An Erasmus+ Masters Loan will allow you to borrow up to €12,000 for a one-year course or €18,000 for a two-year course. You do not have to borrow the full amount in either case.

This money is intended to cover tuition fees and other expenses (such as travel, living and accommodation costs). You will have to fund any further costs yourself.

How do interest rates and repayments work?

Interest rates and repayment terms are set by individual banks, subject to conditions laid out by the Erasmus programme.

These include a one year grace period before repayments are due and an optional one-year repayment holiday at any point after graduation. Interest must also be set at a below-market rate, ensuring that the Erasmus Loans are a better option than convetional personal loans.

Who offers Erasmus+ Masters Loans?

The following organisations will offer Erasmus+ Masters Degree Loans for incoming and outgoing students starting a Masters abroad in the 2018-19 academic year:

The following organisations will only offer loans to outgoing students starting a Masters abroad in the 2018-19 academic year:

In addition, loans will be available from the University of Luxembourg for incoming students to defer fees and accommodation costs for up to two years.

Other banks will join the scheme in future years. The Erasmus+ programme expects to have 25 participating organisations by 2020.

Erasmus Programme Countries & Erasmus Partner Countries

Erasmus Masters Loans are only available for courses at Programme Countries. There's a full list in our Erasmus introduction.

Where can you study with an Erasmus+ Masters Loan?

Participation in the Erasmus+ Loan Scheme is based on participation in the wider Erasmus programme. Specifically, banks and universities must be located within one of the 33 Erasmus Programme Countries. These include all 28 EU members as well as candidate EU members and EEA members. See our Erasmus introduction for more information.

Citizens of Programme Countries can study a Masters in another Programme Country, provided a bank in thier host or destination country is offering loans.

Erasmus+ Masters Loans: 2018 availability

Erasmus+ Loan are availability for the 2017-18 academic year is as follows:

  • Students from Spain can receive a loan to study a Masters in another Erasmus Programme Country or students from other Erasmus Programme Countries can receive a loan to study a Masters in Spain.
  • Students from the UK can receive a loan to study a Masters in another Erasmus Programme Country or students from other Erasmus Programme Countries can receive a loan to study a Masters in the UK.
  • Students from Turkey can receive a loan to study a Masters in another Erasmus Programme Country.
  • Students from France can receive a loan to study a Masters in another Erasmus Programme Country.
  • Students from other Erasmus Programme Countries can receive a loan to study a Masters in Luxembourg.

Note that Erasmus+ Loans are only available for postgraduate study abroad. This means that students cannot apply for a loan to study in their home country.

Masters in Europe - learn more

If you're a citizen of an Erasmus Programme Country you can receive a loan to study abroad in France, Spain, Luxembourg or the UK next year. Our guides are the perfect place to start learning about Spanish, French, UK Masters degrees. You can also view current Masters opportunities at the University of Luxembourg.

Who can apply for an Erasmus+ Masters Loan?

Masters Loans are available for all citizens of Erasmus Programme Countries to study abroad in another Programme Country with a participating bank.

Further eligibility criteria are as follows:

  • You must hold a recognised first cycle (undergraduate) qualification.
  • You must have been accepted for a second cycle (Masters) qualification at an institution recognised by Erasmus.*
  • You must be planning to study in a new country. This means that:
    • The country in which you wish to study is not your current country of residence.
    • You have not previously studied in that country before.
  • You are studying a full Masters-level programme that awards a degree (this rules out most Postgraduate Certificates and Diplomas as well as higher level qualifications such as a PhD.)

*Eligible universities and other higher education institutions must hold a current Erasmus Charter for Higher Education (ECHE). You can check this on the European Commission website.

Note that there no restrictions based on your chosen course, subject or university. In principle, Erasmus+ Masters Loans are available for any Masters degree at an eligible university.

Brexit & Erasmus

Erasmus funding won't be immediately affected by the result of the UK's EU referendum. UK students are still eligible for funding in 2017-18 - including Erasmus Masters Loans. You can read more about the impact of Brexit on postgraduate students on our blog.

Masters Loans and other Erasmus funding

You can apply for a Masters Loan if you have had Erasmus funding for a previous course. However, you cannot combine the loan with other Erasmus Masters funding for the same course. Exceptions may apply if you take out a Masters Loan to study in a new country, but apply for a Mobility Grant to study part of your course in a second country.

Will banks set additional criteria?

Participating banks may set their own lending terms and checks, in accordance with the guidelines set by Erasmus. Negative credit history may affect your ability to take out a loan, but other factors such as your course or subject of study will not.

What is the application process?

Applications should be made to participating banks, not to the Erasmus programme. You can find more information on the websites of Spain's Microbank, France's Banque Populaire and Caisse d'Epargne, the UK's Future Finance, Turkey's QNB Finansbank and the University of Luxembourg.

Remember that you will need to have been accepted to study an eligible Masters before your loan application can be processed.

Alternative funding

The gradual rollout of the Erasmus+ Loans means they aren't available across Europe for 2016-17. More banks are expected to participate in future and you can stay updated with developments by signing up to our weekly newsletter.

In the meantime, other Erasmus funding opportunities are available. These include Erasmus Mundus Joint Masters Degree scholarships and Mobility Grants for short periods of international study or training.

Last updated - 20/12/2017

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