The Deutscher Akademischer Austausch Dienst (DAAD) / German Academic Exchange Service is a private, publicly funded, self governing organization of higher education institutions in Germany. The organization promotes international academic relations and cooperation by offering mobility programs primarily for students and faculty, but also for administrators and others in the higher education realm. There are programs and funding offered for students, faculty, researchers and others in higher education, providing financial support to almost 120,000 individuals per year.
A wide array of programs are available for undergraduate and graduate students and faculty to apply for.
The scholarship payment depends on the applicant's academic qualifications. It is usually € 650 for students, € 750 for post-grads, and around € 1,000 for doctoral candidates and postdocs. Payments for university teachers are usually € 2,000 for assistant teachers, assistant professors, and lecturers, and € 2,150 for professors (as of May 2014).
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Visit the DAAD Scholarships website for more information.