Investment & Fund Management

The European Investment Fund (EIF) collaborated with the University of Luxembourg to launch a pioneering pilot scheme aimed at alleviating the financial burden of education for students from the 32 Erasmus+ Programme Countries. This initiative allows students to defer their tuition fees and accommodation rent payments for up to two years, addressing the rising costs of education that often deter students from studying abroad.

The scheme, with a budget of EUR 5 million, is expected to benefit over 300 master's students. Notably, the University of Luxembourg will not require any collateral or third-party guarantees, and it offers favorable repayment conditions, including a five-year repayment plan. This agreement is the first of its kind in Europe and is supported by the Erasmus+ loan guarantee scheme, which is funded by the European Union and managed by the EIF.

Roger Havenith, EIF's deputy Chief Executive, emphasized that this initiative is designed to ease access to master's level education for EU students, removing the upfront cost barrier. The scheme is part of a broader effort to enhance student mobility and support the EU Youth Strategy and the Europe 2020 strategy. The EIF has also initiated a Call for Expression of Interest targeting financial institutions to facilitate loans for mobile master's students, further expanding the reach and impact of this innovative financing solution.