University graduates can now benefit from €30 million worth in new student loans for their Master's degrees, provided by the EU's Erasmus+ Master Loan Scheme in France.
The Erasmus+ Master loan scheme will make available € 30 million in new study loans in France. This is thanks to a guarantee agreement signed today by the European Investment Fund (EIF) and the French BPCE bank, with the backing of the EU's Erasmus+ programme. The loans will be open to graduates from France taking their Master's degree in one of the 33 countries participating in Erasmus+, as well as to students from these countries moving to France for a Master's degree.
EU Commissioner Tibor Navracsics said: "Creating fresh opportunities for talented youth means investing in Europe's future. The new Erasmus+ Master loans in France are an innovative way of boosting students' mobility around Europe, allowing our young people to learn new skills and broaden their experience."
The Erasmus+ Master Loan Scheme facilitates access to student loans of up to €12.000 for a one-year Master's course or up to € 18.000 for a two-year Master's course taken abroad. The scheme complements the well-established short-term Erasmus+ study exchanges and offers graduates an easy and affordable way to support studies abroad, regardless of their social background or field of study.
The scheme allows students to benefit from favourable loan terms, thanks to the Erasmus+ guarantee, which spreads the risk between the bank and the European Commission. This means students can apply for the loans with no required collateral, benefit from competitive interest rates and use a delayed pay-back option.