Erasmus+ Master Loan Scheme launched in Spain for studies abroad
This past month the European Commission announced that Spain is the the first country to launch the Erasmus + master loans. The new loans scheme is a new and ambitious initiative that represents a major step forwards for student mobility in Europe. The scheme aims to fund 200,000 Master student loans by 2020, as part of the EU's objective of 20% of its students being mobile by 2020.
Applications for the new loans opened on June 15th for Spanish postgraduate students, and for 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 and students from Spain interested in studying at Reykjavik University can apply.
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.
Just the beginning
This first Erasmus+ Master Student Loan Guarantee contract is the first step for the scheme and will demonstrate its viability on a larger scale. As more banks from around Europe join the scheme, more destinations for postgraduate study will open up to students through Erasmus+.