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21/2/2018  
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EDUCATION
European Investment Fund

University of Cyprus joins the Erasmus+ Master Loan Guarantee Scheme


The European Investment Fund and the University of Cyprus have today signed an agreement, which will allow students from other countries to defer tuition fees and student accommodation rent payments. This new pilot scheme worth EUR 4 million and backed by the Erasmus+ Master Loan Guarantee Scheme is expected to benefit more than 240 Master students.
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Other favourable conditions include another two-year grace period to defer their tuition fees after the end of the studies and a minimum four-year repayment plan after that period. The University of Cyprus is the second university in Europe to launch this kind of initiative following the University of Luxembourg in 2017. The new agreement is the seventh to be signed under the guarantee scheme (the other five agreements were signed with financial institutions).

Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, said: "This shows that the Erasmus+ guarantee facility is an interesting development opportunity for universities seeking to internationalise their educational offer. It is all the more welcome that the university can take advantage of a comprehensive funding offer of loans and guarantees, thanks to the combined efforts of the European Investment Bank and European Investment Fund. Incoming students will not only be able to benefit from affordable Master studies in Cyprus, but also from a brand new university library, to be built with the Bank's support. 

The Rector of the University of Cyprus, Professor Constantinos Christofides said: "Our vision is to establish the University of Cyprus as a leading institution of cultural enterprise, an outstanding contributor to society and a reference point for the global scientific community. This new scheme will assist us greatly in attracting more international postgraduate students, enhancing our research activities and acquiring a more international profile which is a crucial part of our current strategy. This new mobility program will be a great tool for excellent postgraduate students to gain a great academic experience at UCY. We are committed to excellence in teaching, striving for excellence in research and at the same time we offer a state of art facilities combined with a vibrant student life. We are looking forward to welcoming them”.

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 Erasmus+ Master Degree Loan Scheme has been running since June 2015, with seven institutions in six countries participating. EUR 160 million in student loans are currently available with Erasmus+ backed guarantees of EUR 26 million. 

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