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Erasmus+ Master Degree Loans
Erasmus+ Master Degree Loans are EU-guaranteed loans with favourable pay-back terms that allow prospective students to finance their Master degree studies in an Erasmus+ Programme country. The scheme is designed to provide postgraduate students with the means to pay their tuition and living expenses - thereby allowing individuals to focus on their degree. The programme aims to be as inclusive as possible, working under the following guidelines:
The European Investment Fund (EIF) and the University of Cyprus have launched this new pilot scheme, allowing eligible students to use the Erasmus+ Master Degree Loans and to undertake their studies without having to worry about tuition fees and other costs. Only after they finished their studies students will have to start reimbursing the money. This agreement will support students resident in any of the Erasmus+ Programme Countries to move to Cyprus and enroll in a Master’s programme at the University of Cyprus.
The new EUR 4 million pilot scheme is expected to benefit more than 240 master students to enroll in the University of Cyprus (70 students in 2018, 80 in 2019 and 90 in 2020). The University of Cyprus will not require any collateral or third party guarantees and will offer the new programme at favourable conditions. The agreement between the EIF and the University of Cyprus is the first of its kind in Cyprus and benefits from the Erasmus+ loan guarantee scheme, funded by the European Union and managed by EIF.
The EU Erasmus+ guarantee scheme allows EIF to provide capped guarantees and counter-guarantees to financial intermediaries which in turn grant loans to students who will move to undertake a full Master's degree in another country taking part in the Erasmus+ programme.
The University of Cyprus is providing loan equivalents for incoming students from all other Programme countries to study for a Master degree course. Instead of a financial loan, the University of Cyprus is offering in-kind services (tuition fees, housing costs, etc.) which can be repaid after graduation:
Eligibility Criteria
Transaction Eligibility Criteria
Time of Compliance
Final Recipient Transactions must comply with the Eligibility Criteria at all times while included in the Portfolio, provided that the requirements set out above, are only required to be satisfied at the date of the agreement evidencing the relevant Final Recipient Transaction.
How to Apply
You have to apply online to the University of Cyprus by submitting the following documentation:
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