The Erasmus+ Master Loan Guarantee Facility is an EU initiative managed and implemented by EIF on behalf of the DG Education and Culture of the European Commission launched in December 2014 in the context of Erasmus+, the EU programme aiming to boost student mobility in Europe.
The Erasmus+Master Loan Guarantee Facility aims to increase access to finance in order to enable students, regardless of their social background, to take a Master's Degree in another Erasmus+ programme country, as a contribution to tackling skills gaps in Europe. Masters graduates will make an increasingly important contribution to innovation and entrepreneurship in Europe as the need for higher skills grows.
The Erasmus+ Master Loan Guarantee Facility focuses on EU Member States and Erasmus+ Programme Countries. For more information please refer to
the European Commission's Erasmus + 2016 Programme Guide
EIF does not provide Erasmus+ Master loans directly. Students can apply for loans for their Master's studies abroad to participating banks and student loan agencies which will be selected by EIF during the life of the programme through a call for expression of interest. The Erasmus+ Master Loan Guarantee Facility will begin operations in early 2015, with a gradual roll-out across the Erasmus+ programme countries mentioned above.
Erasmus+ Master loans will not exceed EUR 12.000 (or equivalent amount in local currency) for a one-year Master’s Degree course, or EUR 18.000 (or equivalent amount in local currency) for Master’s Degree above one year.
Eligible financial intermediaries are public and private bodies established and operating in one or more of the eligible Erasmus + programme countries and duly authorised to carry out lending to natural persons in accordance with applicable laws and regulations, and comply with the applicable laws or regulations implementing Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers.
Under the Erasmus+ Master Loan Guarantee Facility, EIF provides credit risk cover on portfolios of student loans to eligible financial intermediaries. By sharing the risk, EIF allows the financial intermediaries to build-up a portfolio of new student loans and thus provide more loans to students than would be provided otherwise.
Higher education students who have been accepted for a full Master's study programme in a country other than where they obtained the qualification granting access to that Master and other than where they reside can apply for a loan to contribute to their costs.
For more information see: http://ec.europa.eu/education/opportunities/higher-education/doc/master-loan_en.pdf
For financial institutions:
If you are eligible to become a financial intermediary, you can apply by completing the application documents published here below and submitting the information requested before 30th September 2020. Applications will be assessed by EIF on a “first-come, first-assessed basis”. In case of joint applications or multi-country applications, the EIF assessment shall consider the applicant, the participating entities and the countries covered by the application. Criteria include principles of transparency, equal treatment, proportionality and non-discrimination, with due account of the nature of the Erasmus + Master Loan Guarantee Facility, the experience and the operational and financial capacity of the financial intermediaries, in compliance with EIF’s statutes, policies, rules and procedures and best business practices. Applications will be submitted to the EIF Board for approval. EIF will select intermediaries after a due diligence process.
For future Masters students:
The Erasmus+ Master loan scheme will have a gradual roll-out across the Erasmus+ programme countries. Are you looking for a loan to finance your Master’s degree abroad? Download here the list of participating banks and student loan agencies to whom you can apply directly. If your country does not feature in the list, we invite you to contact your Erasmus+ National Agency.