Students from ''Third Countries'' (Non-European countries and Albania, Bosnia-Herzegovina, Croatia, Kosovo under UNSC Resolution 1244/99, the former Yugoslav Republic of Macedonia, Serbia, Turkey) can apply - if if they have not carried out their main activity (job, study...) in Europe for more than 12 months (in total) over the last 5 years (deadline is 28 February of the year when the program starts) - for the scholarship
category A which covers
1. Fixed amount for travel, installation and others: in total 8000 EUR,
2. Participation costs to be paid to the universities/consortia: up to a max. sum of 2700 EUR per semester (it concerns tuition fee, semester social fee, health insurance...),
3. Monthly allowance amounting to: 1000 EUR, in total 24000 EUR.
Students from European Countries or countries which are considered as ''European Countries'' (These are presently Iceland, Norway, Liechtenstein, Montenegro, Switzerland. This list may change.) and all students who do not fulfil category A requirements can apply for the scholarship
category B which covers
1. Fixed amount for travel, installation and others: in total 3000 EUR (this concerns the project work at NICTA, Australia),
2. Participation costs to be paid to the universities/consortia: up to a max. sum of 1700 EUR per semester (it concerns tuition fee, semester social fee, health insurance)...,
3. Monthly allowance amounting to: 500 EUR, in total 12000 EUR.
More information on the program is provided by the European Commission.
http://eacea.ec.europa.eu/erasmus_mundus/funding/scholarships_students_academics_en.php
Source: http://www.emcl-study.eu/fileadmin/emcl_booklet_tree/ma_em_grant.html

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