“Full Funding” has changed to keep up with the rising cost of living around the world in 2026. Many scholarships only pay for tuition, but the best ones, known as “Full-Ride” scholarships, give you a monthly stipend that covers rent, food, transportation, and other personal expenses without requiring you to work.
The following guide lists the most generous scholarships for the 2026/2027 school year that clearly cover all living expenses.
1. Chevening Scholarship (UK)
The Chevening Scholarship is still the UK’s most prestigious fully funded award for Master’s students. It is very valuable because it offers a full range of financial services.
- Living Allowance (Rates for 2026 and 2027):
- In London, it costs about £1,516 a month.
- About £1,215 a month outside of London.
- What is Covered: 100% of tuition, a round-trip ticket home, a one-time arrival allowance (about £600), and a departure allowance.
- The “hibestcontent” Strategy: Since the stipend is set, your £1,215 will go much further in a “Lower Cost” city like Sheffield, Leeds, or Belfast than it will in London.
2. DAAD EPOS Scholarship in Germany
The DAAD EPOS program is only for professionals in developing countries. It is one of the few that has a big monthly surplus after paying for basic needs.
- Monthly Allowance (Starting in 2026):
- Master’s students: €992 a month.
- PhD students: €1,300 a month.
- Extra Living Benefits: If your monthly rent is more than a certain percentage of your stipend, DAAD will often give you an extra rent subsidy. They also give a Family Allowance to spouses and children who come with you.
- What it covers: health insurance, tuition (which is already free at public universities), and a travel grant.
3. Erasmus Mundus Joint Masters (in Europe)
To get into Erasmus Mundus, you have to study in at least two different European countries.
- Monthly Stipend: A set amount of €1,400 every month for the whole 24-month period.
- What is included: full health insurance, a full tuition waiver, and a large travel and installation allowance (usually between €1,000 and €3,000 per year).
- 2026 Update: Some specific programmes, like Euroculture, don’t have enough money for 2026, but most major Mundus programmes, like Mundus Journalism, do have enough money for the 2026–2028 intake.
4. The MEXT Scholarship in Japan
The Japanese Government (MEXT) scholarship is known for giving people a satisfactory quality of life in one of the world’s most stable economies.
- Monthly Stipend (Rates for 2026):
- For undergraduates, it’s about 117,000 JPY.
- About 144,000 JPY for a master’s or research degree.
- PhD: About 145,000 JPY.
- What is included: full tuition, round-trip airfare, and a six-month intensive Japanese language course when you arrive.
- Regional Bonus: Students who study in certain “expensive” parts of Japan get an extra 2,000 or 3,000 JPY a month.
5. The Gates Cambridge Scholarship in the UK
This award is one of the most generous scholarships in the world. It is only for graduate study at the University of Cambridge.
- Living Stipend (2026/2027): About £21,000 a year, or about £1,750 a month.
- Family Support: It has a Family Allowance of up to £11,604 for one child and up to £16,548 for two or more children, which makes it the best option for students with dependants.
- Coverage includes full tuition, airfare, and a fund for academic growth (for things like conferences).
6. Comparison of Living Costs (Monthly Stipends for 2026)
- £1,516 for Chevening (London)
- €1,400 for Erasmus Mundus
- Gates Cambridge: about £1,750
- DAAD (Master’s): €992
- MEXT (Research): about 144,000 JPY
7. How to Get “Full Living Cost” Awards
- Think about the “Why”: These scholarships are investments. You need to show the sponsoring government how your return to your home country will be a beneficial investment for them.
- Apply Early: Applications for Chevening and DAAD for the 2027 school year often open as early as August 2026.
- Look at the “Bond” Requirement: Most of these (especially Chevening and Fulbright) require you to go back to your home country for two years after you graduate.
Final Thoughts
If you want to study without using your own money, the Gates Cambridge and Erasmus Mundus scholarships offer the most money each month in 2026. The DAAD EPOS is the best place in Europe for professionals to live and network with other professionals.
