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The Korean Government through the National Institute for International Education (NIIED) offers the Korean Government Scholarship Program (KGSP) for Postgraduate students.
The scholarship is aimed to provide international students with an opportunity to conduct advanced studies at higher educational institutions in Korea, to develop global leaders and strengthen Korea-friendly networks worldwide.
To qualify for this scholarship:

1.           The applicant and his/her parents must hold foreign citizenships.

2.           Applicants must be under 40 years of age in the year of selection.

3.           Applicants must hold a Bachelor's or Master's degree as of September 1st of the selection year. Note: Applicants who have enrolled in or graduated from a university in Korea are NOT eligible for the KGSP program. Specifically, applicants who have previously enrolled in or graduated from an undergraduate program, a master's program, or a doctoral program in Korea cannot apply for this program.

4.           Academic achievement of applicants must meet one of these:

·                    maintain a grade point average (GPA) of at least 2.64 on a 4.0 scale, 2.80 on a 4.3 scale, 2.91 on a 4.5 scale, or;

·                    grades/marks/score of 80% or higher from the previously attended institution.

If the applicant does not satisfy the above requirements, he/she will be ineligible to apply to this program.

Eligible groups Citizens of more than 100 countries
Approved Master’s or Doctoral courses offered by participating institutions. Further details are available on the NIIED website or the university information section of the GKS website (link to it is below). 
Specialized or professional graduate school programs such as law or medical school program, GSIS program, etc. are also eligible on the condition that the university covers all tuition over the initial 5 million won(KRW)/semester. Night schools, seasonal programs, broadcasting schools, and cyber-schools (including online distant learning programs) are NOT eligible for application.
Sponsorship duration
For Master’s, it's 1 year of Korean language + 2 years of Master’s study; while for Doctoral, it's 1 year of Korean language + 3 year of Doctoral study.
After the Korean language course, the scholarship period of degree course (2 years of master’s or 3 years of doctoral) cannot be extended beyond the designated duration. In the case that a scholar possesses a TOPIK Level that is higher than 5, he or she is exempted from the Korean language course; the exempted period will be deducted from the total scholarship period (2 years for master’s or 3 years for doctoral).
Scholarship benefits
Scholarship include Airfare (round-trip economy class ticket), Monthly Allowance, Research Allowance, Settlement (i.e. Relocation) Allowance (200,000 KRW upon arrival), Language Training Fee, FULL Tuition, Dissertation Printing Costs, Medical Insurance (limited coverage), and Korean Proficiency Grants. See official website for complete information of benefits.
Method of Application
Applicants can only apply for the scholarships through the Korean Embassy in their home country or a participating Korean University (i.e. 1st Selection Institutions). To apply for this program, you should contact one of the 1st Selection Institutions (90 Overseas Korean Embassies or designated Domestic Universities) and submit the application no later than the designated deadline. These institutions then recommend applicants to NIIED (the 2nd selection Institution).
See websites of 
Korean Embassy/Consulate in your own country. The guideline, application form, and university information are available online at the website of GKS, or at Korean Embassies in your country, and designated domestic universities.
The deadline for recommendation of applications by 1st Selection Institutions to NIIED for Graduate Program is March - April of year of study commencement. The deadline for applicants' submission to 1st Selection Institutions is much earlier and will vary per country depending on the deadline set forth by the Korean Embassy (Consulate) in the country of origin or the universities in Korea.
For 2018/2019 session, the Korean Embassies or Consulates, and participating Universities, expect applications between February - March 2018, and recommend qualified candidates to NIIED by March - April 2018. Be sure to apply before this period.
As for detailed information on application deadlines and submission of required documents, applicants should contact the APPROPRIATE KOREAN EMBASSY or CONSULATE in the country of applicant’s origin (or in the neighboring country), the 1st selection organization.
If the respective 1st Selection Institutions do not submit their candidates’ documents to NIIED on time, they will be excluded from the examination of NIIED Selection Committee, and their quotas will be substituted by the other 1st Institutions’ reserve candidates.
Applicants must obtain admission from a University before entry into Korea. Applicants recommended by a Korean Embassy (Consulate) or overseas Korean adoptees must apply and gain admission into 1 of 3 of the designated universities. Applicants recommended by a university in Korea should enter the same university.
Application Deadline: February - March 2018
More Scholarship Information and Application(NIIED site)