Erasmus+, the new EU programme for education, training, youth and sport covers the period 2014-2020. Aimed at boosting skills, employability and supporting the modernisation of education, training and youth systems, the seven-year programme will have a budget of €14.7 billion - 40% higher than current levels. More than 4 million people will receive support to study, train, work or volunteer abroad, including 2 million higher education students, 650 000 vocational training students and apprentices, as well as more than 500 000 going on youth exchanges or volunteering abroad. Students planning a full Master's degree abroad, for which national grants or loans are seldom available, will benefit from a new loan guarantee scheme run by the European Investment Fund. Erasmus+ will also provide funding for education and training staff, youth workers and for partnerships between universities, colleges, schools, enterprises, and not-for-profit organisations.