The European Parliament today approved the new Erasmus+ programme which will provide over £12 billion for young people, staff and teachers to study or train abroad over the next seven years, an increase of 40% compared to the current budget.
The programme also includes a new Masters Loan Guarantee, backed by the European Investment Bank, which will enable students to take out low-interest loans of up to 18,000 euros to undertake post-graduate studies across the EU.
Since 2007, almost 60,000 British students have studied or done a work placement in another European country through the Erasmus programme.
Commenting, Liberal Democrat MEP Catherine Bearder said:
"The Erasmus programme represents the EU at its best, bringing young people from different countries together and allowing them to learn a new language and experience a new way of life. I know many people who studied in another European country while at university thanks to Erasmus and all found it an enriching experience.
"3 million people have received grants to study or do vocational training since the Erasmus programme was formed in 1987. Thanks to this huge increase in funding, another 4 million are set to benefit by 2020.
"We now need to ensure that young people in the UK are aware of the exciting opportunities the Erasmus programme provides to study and train across Europe."