Finance is one of the major concerns for students taking a master course, both in terms of paying for enrolment as well as for living expenses to allow students to be totally dedicated to the academic course.
The system of approved loans in Spain for the 2007-2008 academic year is one of the best in Europe. In 2008, some €150 million was allocated for this purpose, to assist in the financing of university master studies.
The amount of the loan is sufficient to finance the studies but can be used to cover other personal expenses for graduates. The loan is interest free for the beneficiary.
Up to €14,400 can be applied for (€6,000 as an initial payment and €800 in monthly income thereafter) in the case of a one-year master course. Additional aid is considered for master courses that last for more than one year. In the case of a two year master the loan can total €28,800.
This amount is designed to be proportional to the academic effort of the borrower, measured in European credits, equivalent to €240 per credit. A supplement of €6,000 can be applied for in cases of master courses to be studied abroad.
The loan will be for a period of 20 years, of which the first five years will be interest free. The repayment period will start at the end of this interest free period (repayments will be linear and monthly) for the remaining 15 years until the expiry of the loan, provided that the income of the borrower exceeds €22,000 per annum (or the minimum exemption that is valid at the time) in the first year of repayment.
In the event that the level of income does not exceed €22,000 the interest free period can be extended to ten years. In all cases, the borrower has the right to repay all or part of the loan in advance.
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Declaración de Bolonia
