Overview — What "Fully Funded" Actually Means

Let me be direct about this, because I have seen students misled by the term. A fully funded masters scholarship should cover at minimum: full tuition waiver, a monthly stipend for living expenses, and return airfare. Health insurance may or may not be included depending on the program. Some scholarships also cover visa fees, arrival allowances, and books.

What "fully funded" does not always mean is that you have zero financial obligations. Some programs require you to cover incidentals — a study visit, a deposit, or supplementary costs. I note these where they apply so you are not caught off guard after accepting an offer.

The Complete List of Fully Funded Masters Scholarships 2026

When I went through these programs one by one, I organized them by the country they send you to — because that is how most students actually make the initial decision about where to apply.

I put this table together because the number one question I get is "which scholarships have overlapping deadlines and which can I apply for simultaneously?" Now you can see the full picture in one scroll.

Eligibility at a Glance — Who Can Apply

This is the table I wish existed when I first started researching. The eligibility requirements look similar on the surface for most programs, but the differences in GRE requirements, work experience rules, and return obligations are where most applications fall apart before they even begin.

The biggest mistake I see Pakistani applicants make is assuming Chevening and Commonwealth have the same requirements — Chevening has a hard 2-year work experience requirement while Commonwealth does not. That single difference changes which program you should focus on if you are a recent graduate.

Application Deadlines and When to Start

The pattern I notice every year is that students start researching fully funded masters scholarships for 2026 in January — which is already too late for Erasmus Mundus scholarship applications and barely on time for DAAD.

Most major fully funded awards open in late summer or fall and close between October and February. If you are reading this in April 2026, your next active windows are Chevening opening in August, USEFP Fulbright opening around February 2027, and any Erasmus Mundus programs with 2027 intake windows opening October 2026.

Practical Tips — What I Would Tell You Before You Apply

Start with one scholarship, not five. I know it sounds counterintuitive, but I have seen more people submit five mediocre applications than one strong one. Pick the program that matches your profile most precisely — recent graduates without two years of work experience should look at Erasmus Mundus, DAAD, MEXT, or the Fulbright Foreign Student Program before Chevening. If you are Pakistani with teaching or research experience, USEFP Fulbright and the HEC Overseas Scholarship are your strongest options.

For Erasmus Mundus: the geographical balance rule means that no more than 10 percent of scholarships in a given program can go to students from the same country. If Pakistan is heavily represented in your chosen program, your application has to be noticeably stronger than average — factor this into your choice.

For DAAD: the monthly stipend of €992 for Masters students does not require you to open a German blocked account if you receive it, which is one cost and administrative headache that self-funded applicants in Germany face. I always mention this because it surprises people who assume all routes to Germany involve the blocked account process.

For the Erasmus Mundus EMJM specifically: the scholarship provides €1,400 per month for 24 months — up to €33,600 total — along with health insurance purchased by the consortium for all enrolled students. That is one of the most generous stipend packages on this entire list, and it consistently gets overlooked in favour of Fulbright and Chevening simply because it is less well-known in Pakistan.

Do not apply in the final week. Every scholarship portal gets congested near deadline. I have seen students lose their entire application to a submission error on the last day. Submit at least 72 hours before the deadline, without exception.

Official Links and Resources

• Erasmus Mundus Programme Catalogue — Official EU Portal (https://erasmus-plus.ec.europa.eu/opportunities/opportunities-for-individuals/students/erasmus-mundus-joint-masters)

• Chevening Scholarship Official Application (https://www.chevening.org/scholarships/who-can-apply/how-to-apply/)

• DAAD Scholarship Database for International Students (https://www.daad.de/en/)

• USEFP Fulbright Degree Program Portal (https://usefp.org/scholarships/fulbright-degree.cfm)

• Korean Government Scholarship NIIED Official Page (https://www.niied.go.kr)

• Australian Awards Official DFAT Portal (https://www.dfat.gov.au/people-to-people/australia-awards)

• Swedish Institute Scholarship Official Page (https://si.se/en/apply/scholarships/)

• Commonwealth Scholarship Commission (https://cscuk.fcdo.gov.uk/apply/)

• HEC Overseas Scholarship Portal (https://hec.gov.pk)

If I were in your position right now, I would open the Erasmus Mundus catalogue today, filter by your field of study, and identify three programs with October–January 2026 scholarship windows for the 2027 intake. That is the action that costs nothing and opens the most doors.

FAQ

What are the best fully funded masters scholarships in 2026?

The programs consistently ranked highest for coverage and prestige are the Fulbright Foreign Student Program, Chevening, DAAD, and Erasmus Mundus. For Pakistani students specifically, USEFP Fulbright and HEC Overseas are the most directly tailored programs. The best fit depends on your academic level, work experience, and target country — I always recommend building a shortlist of three to four programs before committing to one application cycle.

Which fully funded masters scholarships are open right now in 2026?

As of April 2026, the Chevening 2026–27 cycle opens in August 2026 and closes November 4, 2026. The USEFP Fulbright 2027 cohort portal is expected to open around February 2026 based on the previous cycle. Erasmus Mundus programs for September 2027 entry typically open application portals between October and January. Australian Awards closed April 30, 2026. Check individual program portals for exact current status.

Can I get a fully funded masters scholarship without work experience?

Yes — several major programs do not require work experience. DAAD, Erasmus Mundus, MEXT Japan, KGSP South Korea, and the CSC Chinese Government Scholarship all accept recent graduates without professional experience. Chevening requires a minimum of two years, and Commonwealth prefers it. For USEFP Fulbright Masters, recent graduates are explicitly encouraged to apply, with the two-year requirement applying only to MBA and Public Policy applicants.

What does a fully funded masters scholarship cover?

At minimum, a fully funded scholarship covers tuition fees and a monthly stipend for living expenses. Most programs also include round-trip airfare and health insurance. The Erasmus Mundus EMJM scholarship covers €1,400 per month, full tuition fees, travel costs, and health insurance purchased by the consortium for enrolled students. DAAD covers €992 per month for Masters students plus travel allowances and insurance. Chevening covers full tuition, monthly living allowance, return economy airfare, arrival allowance, and visa application costs. Always read the specific benefits page of each program before comparing offers.

Which masters scholarships do not require GRE?

The majority of fully funded masters scholarships on this list do not require the GRE. DAAD, Erasmus Mundus, Chevening, Commonwealth, MEXT, KGSP, CSC, Swedish Institute, and Australian Awards all accept applications without GRE scores. The USEFP Fulbright is the main exception — it requires a minimum GRE score of 145 in each section for all applicants. If the GRE is a barrier, the Erasmus Mundus EMJM programs are worth prioritizing because they have no standardized test requirement and offer some of the strongest stipend packages available anywhere.

Disclaimer: Scholarship deadlines, stipend amounts, eligibility criteria, and program availability change from cycle to cycle. All details in this article are based on official program portals verified as of April 11, 2026. Always confirm current information directly on each scholarship's official portal before beginning your application.