Since the publication of the call for expression of interest on 13 February 2015, the European Investment Fund (EIF) has entered into guarantee agreements with six financial intermediaries in five countries. This corresponds to a budget allocation of €26m in guarantees and €160m in terms of loans (allowing for some 12,000 student loans).
The scheme became operational in June 2015 when MicroBank in Spain started lending to students. In 2016 two banks in France, and banks in the UK and Turkey signed up to the scheme. In January 2017 the University of Luxembourg signed up to the scheme, piloting an innovative arrangement (offering deferred payment of tuition and housing costs to incoming students - rather than a direct loan).
For details on conditions applicable in the relevant country please contact the bank directly.