The European Investment Fund (EIF) and its UK lending partner, Future Finance, have announced that almost £30 million of loans guaranteed by the European Commission under the Erasmus+ Master Loan Scheme will now be available in the UK. The scheme will offer loans to students from Erasmus+ Programme countries wishing to take their Master’s degree in the UK, as well as to students from the UK wishing to take their Master’s degrees abroad.
The Erasmus+ Programme countries are: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom, Former Yugoslav Republic of Macedonia, Iceland, Liechtenstein, Norway, Turkey.
The favourable terms of the loan include:
- No need for collateral from students or parents, ensuring equality of access
- Favourable, better than market interest rates
- Pay-back terms that allow graduates up to two years to find work before beginning repayment.
Under the scheme, students can receive up to EUR 12,000 for a one-year Master’s course and up to EUR 18,000 for a two-year Master’s course. The European Commission has made sure that these loans are offered at favourable terms.