Erasmus+ launches €30m Masters fund

The European Commission has released details of a new Erasmus+ sponsored loan scheme worth up to €18,000 to Irish graduates who want to study for a Masters degree in France.

The scheme, which is in association with French Bank BPCE, will offer loans up to €12,000 for a one-year course, or up to €18,000 for a two-year course. Organisers say students will benefit from “very favourable” terms with no collateral required and the promise of delayed repayments.

The agreement was signed by the European Investment Fund (EIF) and the French BPCE bank, with the backing of the Erasmus+ programme. The total available is €30 million.

The European Union’s Erasmus Plus programme will guarantee the loans thus spreading the risk between the bank and the Commission.

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."

Erasmus+ is the new European Union programme for education, training, youth and sport for 2014-2020 and replaces several existing EU programmes.

The BCPE agreement is the second agreement signed under the Erasmus+ Master Loan scheme so far.

More details of the scheme available here