Many countries in the European Union only offer financial assistance to students studying within a country that administered the loan. Though there are cases in which a loan may be transferred to another country, very strict guidelines are in place for those few to keep funding. Therefore, financing has become an issue for students residing in pan-European areas seeking higher education in other European nations. In taking action to reduce this particular problem, the European Association for International Education has very recently adopted a charter that would enable national student loans and grants to be portable and protected with safeguards against withdrawal of funding.
A European Union student loan program has been proposed, which if approved, will provide support to students wanting to study for a master's degree in member states. The private banks associated with this program, combined with government aid will supply a total of €700 million per year or enough funding for about 44,000 students. A one-year grace period will be available along side repayment periods ranging from 5 to 15 years.
When evaluating the new E.U. proposal, member states and student organizations have expressed concern. A chairman of the European Student's Union, Karina Ufert, has worry that the program may cause social exclusion through "brain drain" or stress from having trouble paying back loans with salaries from a students poorer home country.
Students feeling the need to better themselves through education should be able to obtain funding when necessary, in a world that has been introduced to globalization. Studying in foreign countries will allow students to learn different cultures and how to better interact with people from these different backgrounds. Obtaining effective communication skills with those from other cultures will essentially help anyone that is looking to be an active participant in globalization and opens opportunities that those lacking such skills would never encounter. There is chance to educate ones family and friends of such skills and therefore would create a wider range of individuals possessing knowledge that can open doors leading to great experiences. This being said, financial assistance needs to become more easily available to those residing in poorer countries and should be student friendly because gaining knowledge is the path to gaining wealth.
http://www.nytimes.com/2012/09/24/world/europe/24iht-educlede24.html?ref=internationaleducation
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