The scheme, which aims to fund 200,000 Master student loans by 2020, is now off the ground for Spanish postgraduate students and students going to Spain to pursue a Master’s course abroad. The loans will be offered by the Spanish bank, MicroBank, the social bank of La Caixa.
The Erasmus+ Master Loan scheme is a new and ambitious initiative that represents a major step forwards for student mobility in Europe, with the aim of supporting the EU’s objective of 20% of its students being mobile by 2020.
Complementing the well-known credit mobility scheme for higher education students, Erasmus+ aims to help students in obtaining a Master’s degree in Erasmus+ participating countries spend time studying in an institution abroad.
The loan is designed to protect postgraduate students from student hardship with social safeguards including:
- 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.
The MicroBank’s Erasmus+ Master Loans are targeted at Spanish students pursuing postgraduate study abroad and students from other Erasmus+ countries going to Spain for a Master’s course.
Up to €12,000 for a one-year Master’s course or up to €18,000 for a two-year Master’s course is available as funding.
Students interested in applying for the loan, should visit MicroBank to learn the exact conditions offered and prepare their application procedure.