Erasmus+ general terms and conditions for Students

1. Start your Erasmus+ funding application by downloading the Checklist for Erasmus+


Job database

2. Read the section with the information

3. Download the documents you need

Online Linguistic Support (OLS) –  what is it?

For more information please see watch the video below.

Learning Agreements


For PPT internships:

For voluntary internships:

Master BFC/IML:

For voluntary internships:

Upon fulfillment of (a)-(c), the applicant is nominated for mobility funding on a rolling basis (first come, first served).

What is Erasmus+ SMT internship/traineeship mobility?

The SMT internship/traineeship mobility scheme for students and soon-to-be graduates supports mobility to other European countries for the period of an internship.


Such an internship/traineeship has to be related to the content of the degree studied at LBS. It has to increase a student’s professional and intercultural competencies to enhance his/her employability and career prospects.


Funding is granted to partially cover extra costs incurred by international mobility (e.g. temporarily settling down in a new country).


Erasmus+ is an established and widely recognized mobility scheme funded by the European Commission.


To support the internship search, LBS offers link collections (Databases for International Internships) and the Europass CV creator.

Types of SMT funding and duration

There are three types of SMT funding:


(1) Funding for compulsory internships which are part of the curriculum (i.e. PPT in the 6th semester of the IBA program)

(2) Funding for voluntary internships which students do during their vacation from studies

(3) Funding for graduate internships/traineeships which recent graduates do immediately after the successful completion of their degrees
All SMT-funded internships must be full-time (in accordance with the respective legal regulations of the destination country).


Duration of an internship: 2-12 months


Internships cannot be interrupted for a longer period than the amount of days off an intern is legally entitled to in the destination country.


One immediate extension is possible if one applies for it with the LBS International Office at least one month before the end of the granted funding period.


One is eligible for a maximum of 12 months of funding for any Erasmus+ mobility per degree cycle.


All students enrolled in one of LBS’s degree programs are eligible for Erasmus+ funding.


SMT funding can be used for paid or unpaid internships/traineeships with any employer in one of the program countries. Entrepreneurial/self-employed/free-lance activities are not eligible.


Erasmus+ SMT funding can be combined with an AIESEC internship.


Erasmus program countries:
• All EU member states
• SUI temporarily suspended (except for narrowly defined internships at Swiss universities)


Internships in Austria will not be funded; irrespective of the country of origin or nationality of the applicant.


No SMT funding will be granted for internships in EU institutions.

Funding principles and funding rates

Eligible costs: fixed funding rates for living costs


LBS is an Austrian higher education institution. Therefore funding will be calculated based on the eligible amount for Austrian students.


Group 1: higher living costs


Group 2: medium living costs


Group 3: lower living costs



High range grant (EUR 250-500 per month)          

Group 2 to Group 1

Group 3 to Group 1 and Group 2

Medium range grant (EUR 200-450 per month)

Group 1 to Group 1

Group 2 to Group 2

Group 3 to Group 3

Lower range grant (EUR 150-400 per month)

Group 1 to Group 2 and Group 3

Group 2 to Group 3

Funding rates


Funding will be calculated based on an actual day-count calculation. 80% of the grant will be paid at the beginning of the mobility period, 20% after its successful conclusion and reporting.


Additional expenses cannot be reimbursed.


Students with special needs (i.e. physical or mental illness or disability and/or mobility with children) can apply for additional financial assistance. No special needs assistance will be granted based on socio-economic needs.


Double funding is clearly not permitted. Recipients of Austrian Studienbeihilfe or Selbsterhalterstipendium can transfer their benefits to the destination country during the Erasmus+ mobility period. However, they will only receive a top-up amount from Erasmus+.


LBS students are not exempt from tuition fees at LBS during Erasmus+ mobility.


Any attempt of fraud entails serious legal consequences and the full funding has to be paid back.

Nomination process

The LBS International Office nominates selected students on the 1st and 15th day of a given month, or on the preceding working day. Late nominations due to delays in the application process reduce the grant.


A nominated student will receive nomination e-mails both from the Erasmus coordinator and the Erasmus Office of the Österreichischer Austauschdienst (OeAD), i.e. the Austrian agency for international mobility and cooperation in education, science and research. The OeAD mail contains a link to the Students Online Database, where they have to immediately complete some personal data (e.g. bank account details, permanent home address).


Thereafter, the OeAD sends the student another e-mail, which contains a link to the personalized Financial Agreement, which is being concluded between the student and the Erasmus Office of the Österreichischer Austauschdienst (OeAD). The student must immediately sign one copy and return it to the OeAD either in person or by snail mail (i.e. regular post); e-mail attachments are not being accepted. Based on this agreement, the OeAD will transfer the first funding rate (80%). The LBS International Office is not party to this Financial Agreement.


During this process, the student receives detailed instructions and guidance from the LBS International Office.

The contact details of the OeAD Erasmus Office can be found here.

OLS - Erasmus+ Online Linguistic Support

The Online Linguistic Support (OLS) has been designed to assist Erasmus+ participants in improving their knowledge of the language in which they will work, study or volunteer abroad so that they can make the most out of this experience.

By taking the OLS language assessment before going abroad, Erasmus+ participants are able to determine their proficiency in the language they will use to study, work or volunteer. Taking this assessment before departure is a pre-requisite for higher education students, to make sure that they meet the recommended level at their receiving organisation (except for native speakers or in duly justified cases). The results of the language assessment do not influence the Eramsus+ funding.

Participants who wish to improve their language proficiency have the opportunity to follow an online language course before and during their time abroad. Access to the language course includes Live Coaching: tutoring sessions, MOOCs, a moderated forum, and more. Participants who are already sufficiently proficient in their main language (minimum B2 level) to be used while abroad can follow a language course in the local language instead, provided that such language is available in the OLS.

If you have already been selected to go abroad with Erasmus+ and you meet the above criteria, your institution or organisation will send you a login and a password to access the OLS platform.

How to use the OLS Platform – Online Linguistic Support Tutorial

Permits and insurance

Beneficiaries of SMT funding are obliged to have a legal residence permit and a legal work permit in the destination country. A legally valid pre-contract or work contract has to be filed with the application for SMT funding.


Moreover, an SMT beneficiary has to take out full insurance for the mobility period. The SMT grant does not cover insurance.


Neither the LBS International Office nor other LBS departments can provide support in the visa application process or in insurance matters before, during, or after an Erasmus+ mobility.


LBS provides a collection of Useful Links in Erasmus+ Programme Countries.

Incidents during the mobility

If the student faces any problem during the mobility, s/he is requested to contact the LBS International Office at his/her earliest convenience.


In case of unforeseen circumstances which force an SMT beneficiary to interrupt or prematurely terminate his/her internship (force majeure), the LBS International Office has to be immediately informed. Otherwise the beneficiary will have to pay back the entire grant.


In case the mobility has to be interrupted or discontinued, page 4 of the Learning Agreement has to be filled in and sent to the LBS International Office and the OeAD Erasmus Office. It is very strongly recommended to keep proper written documentation of any incidents during the mobility period.


If a student wants to extend his/her internship or renew his/her internship after graduation, the LBS International Office must be contacted by e-mail at least six weeks ahead of the termination of the approved SMT funding period. The LBS International Office will provide further instructions. It has to be borne in mind that the minimum duration of the extended or renewed mobility is 2 months.


The following reporting duties have to be fulfilled to receive the second funding instalment and to get the special mention in the Diploma supplement.


To be submitted to the OeAD Erasmus Office:

Confirmation form: Confirmation_of_attendance_SMT

The form can be signed by the employer at most six days prior to the last day of the internship.

The original form must be submitted within 30 days to the OeAD Erasmus Office either in person or by postal mail. Only if sent from the employer’s official account, an e-mail submission is acceptable.

Upon fulfilment of this reporting duty, the beneficiary will receive his/her second instalment (20% of the funding rate).

The contact details of the OeAD Erasmus Office can be found here.


To be submitted to the LBS International Office:

(a) Signed Traineeship Certificate (page 5 of the Learning Agreement)
(b) Narrative report of the mobility experience (focus on professional/academic learning) for the LBS website
(c) Picture of beneficiary at his/her workplace or at a landmark in the destination country for the LBS website
(d) Completion of the EU Survey (an automatically generated link to this electronic survey will be e-mailed to the student)


Narrative report and pictures of successful SMT beneficiaries can be viewed here.

Diploma supplement

The successful completion of an Erasmus+ student internship (either compulsory or voluntary) will get a special mention in the Diploma Supplement. This rule does not apply to graduate internships/traineeships.

Contacts and inquiries

All inquiries and applications must be sent to the LBS International Office.


The Österreichischer Austauschdienst (OeAD) and/or the National Agency for Lifelong Learning can generally not answer queries from individual Erasmus+ participants.