20/01/2017 (Agence Europe) – On Friday 20 January, the European Investment Fund (EIF) signed its first guarantee contract with a university as part of the European Erasmus+ loans mechanism for masters students. Six guarantee contracts have so far been signed but these have all been with the banks. The University of Luxembourg is therefore the first to join this initiative. The university aims to propose up to €5 million in loans with low interest rates (without guarantee) to around 300 students that come to study for masters qualifications. The money will cover the education costs and lodging. Students will have to repay their loans within the first two years after finishing their studies. The European Commissioner for Education, Tibor Navracsics, said “I encourage more universities to take advantage” of this initiative. (JK)