The scheme, which aims to fund 200,000 Master student loans by 2020, is now off the ground to support up to 2.000 students over three years – either from Spain to take their Master's degree in one of the 33 Erasmus+ Programme Countries, or students from these countries moving to Spain for a Master. The loans will be offered by the Spanish bank, MicroBank, the social bank of La Caixa. 

Loans will be available up to a maximum of 12.000 € for 1 year or 18.000 € for a 2-year Master. No collateral from the student or his/her parents will be requested, and favourable pay-back terms will apply. In order to be eligible to apply, students must undertake their Master's degree at a recognised higher education institution (Erasmus+ Charter Holder) established in an Erasmus+ Programme country which is neither their country of residence nor the country in which they obtained their qualification granting access to the Master's Degree programme.

As more financial intermediaries sign up, the Erasmus+ Master Loan Scheme will be gradually rolled out across the Erasmus+ programme countries over the first years of the programme
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