Microbank in Spain joins Erasmus+ Master Loan Scheme

The first loans for graduates taking their Master's degree abroad are now available. MicroBank from Spain (the social branch of La Caixa) has signed up to the Erasmus+ Master Loan Guarantee Scheme and will provide up to 30 million € of loans to mobile Master students. This first contract will 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. 
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. Further information can be found in the enclosed information document and in the Commission's press release. I am grateful for your support to this initiative, and for spreading this information to your students and staff.
 
Please do not hesitate to contact us at the email address: EAC-ERASMUSPLUS-SLGF@ec.europa.eu

Press release
Attachment