Erasmus+ is the new EU programme for education, training, youth, and sport with a €14.7 billion budget from 2014-2020. There are three main types of actions: Key Action 1 focuses on mobility of individuals, Key Action 2 supports cooperation for innovation, and Key Action 3 aids policy reform. The programme aims to streamline previous lifelong learning programmes and offer new elements like a loan guarantee for masters students and knowledge and sector skills alliances. Key Action 1 supports travel for study, work, teaching, and skills development. Key Action 2 enables organizations to collaborate, share practices, and work with industry. Application deadlines are in mid-March and late April 2014.