Erasmus Mundus Joint Master Degrees
Erasmus Mundus Joint Master Degrees (EMJMD) are EU-funded programmes delivered by a consortium of universities across two or three countries, with the scholarship explicitly designed for applicants from anywhere in the world, not just Europe. The funding is built on a monthly unit cost of €1,400, which works out to roughly €33,600 across a typical 24-month programme, and includes a tuition contribution plus a one-off travel and installation allowance for students relocating from outside Europe (University of Glasgow, Erasmus Mundus scholarship guidance).
Most programmes are taught entirely in English and typically ask for an IELTS score of around 6.0 to 6.5, so the language barrier most students assume exists usually isn't real.
Erasmus Mundus is one of very few scholarships that pays you to study across multiple countries. €33,600 over 24 months is real money, not just tuition relief.
The DAAD scholarship
DAAD, Germany's national academic exchange service, pays master's students €992 a month according to its own official scholarship database, alongside health, accident, and personal liability insurance cover, plus an annual study allowance of €460 (DAAD Study Scholarships database).
A large share of DAAD-funded master's programmes are taught fully in English, which is exactly the kind of detail most application consultants don't walk students through because they aren't tracking European funding closely.
| Funding source | Monthly value | What it covers |
|---|---|---|
| Erasmus Mundus (EMJM) | €1,400/month | Living costs, tuition contribution, installation allowance |
| DAAD | €992/month | Living costs, insurance, €460/year study allowance |
DAAD funding stacked onto Germany's near-free public tuition is one of the highest net-ROI paths to a master's abroad that exists, and it's rarely discussed outside Germany-focused circles.
HEC Paris grants
Beyond government-run schemes, individual institutions run their own funding. HEC Paris automatically reviews every admitted candidate's profile for merit scholarships, no separate application required, with merit awards covering up to €15,000 in tuition fees, and roughly 30% of top-performing students receiving some form of scholarship (HEC Paris). On top of that, the France-government-backed Eiffel Scholarship provides eligible international students roughly €1,181 a month, and several HEC master's students receive it each year (HEC Paris).
HEC's merit review happens automatically after admission, no extra application. It's the kind of funding students miss simply because nobody tells them it exists without them asking.
Stacking funding with low-tuition countries
The single biggest missed opportunity for Gulf and South Asian applicants is treating Europe as a single, uniformly expensive block. Public universities in Germany are largely tuition-free outside Baden-Württemberg, so a DAAD stipend layered on top of that can bring total cost of study close to zero before living expenses, a combination that outperforms most funded UK or US options on pure net-ROI grounds. Our UK vs US Master's guide covers how this compares against those two more commonly considered destinations.
Key takeaways
- Erasmus Mundus pays roughly €33,600 across a typical 24-month programme, open globally, not just to European applicants.
- DAAD pays €992/month for master's students, plus insurance and an annual allowance, per its own official database.
- Most funded programmes are taught in English; fluency in a European language usually isn't required.
- Stacking DAAD with Germany's tuition-free public universities can bring total study cost near zero before living expenses.
Frequently asked questions
How much does an Erasmus Mundus scholarship actually pay?
The EMJM scholarship is built on a monthly unit cost of 1,400 euros, which works out to a maximum of roughly 33,600 euros across a typical 24-month joint programme, alongside a tuition contribution and a one-off installation allowance.
How much is a DAAD scholarship worth for a master's student?
DAAD study scholarship payments for master's students are 992 euros per month according to the official DAAD scholarship database, plus insurance cover and an annual study allowance of 460 euros.
Do I need to speak German to apply?
Not necessarily. Most Erasmus Mundus programmes are taught in English and typically require an IELTS score of around 6.0 to 6.5, and many DAAD-funded master's programmes are also offered fully in English.
Is Erasmus Mundus only for students already living in Europe?
No. Erasmus Mundus Joint Master Degrees are specifically designed for a global applicant pool, and the scholarship explicitly covers travel and installation costs for students relocating from outside Europe.
Do I need to apply separately for HEC Paris merit scholarships?
No. HEC Paris automatically reviews every admitted candidate for merit-based scholarships, which can cover up to 15,000 euros in tuition, with no separate application required.
Can I combine a low-tuition country like Germany with a fully-funded scholarship?
Yes, and this is often the strongest net-ROI combination available. Public German universities are largely tuition-free outside Baden-Württemberg, and a DAAD stipend on top of that can make total cost of study near zero before living expenses.
Weighing Europe against the UK or US?
Book a free strategy call and we'll map the realistic funded options across all five destinations we work in.
Book your free strategy call →Keep reading
Sources & further reading
- Erasmus Mundus scholarship value guidance — University of Glasgow
- DAAD Study Scholarships database (official) — DAAD
- HEC Paris merit scholarships and Eiffel Scholarship — HEC Paris