The information for the 2015 cycle has not been released yet, although the guidelines for previous years, like 2014, would still be very useful in giving you information that you need if you want to apply.
Applicants must, first of all, not be Korean citizens, and also have a 2.64/4 GPA if you are applying for graduate studies or an 80% Cumulative GPA/top 20% ranking within your batch to apply.
Scholars will given tuition, allowance and air fare funding for their education in Korea, although they will have to spend one year studying the Korean language prior to the beginning of their classes. This will make it a total of 5 years of study for undergraduate scholars, 3 years for Master's Degree Scholars and 4 years for Doctoral Degree Scholars.
More information from previous cycles can be found at the National Institute for International Education Website and Study in Korea Government Website.
Individual Universities also give scholarships to international students separate from those given by the Korean Government. Please check the individual websites of Korean Universities for this.
Alternatively, students may apply for other foreign study scholarships such as the Wesleyan Freeman Asian Scholarship for FIlipinos, the Japanese Government Scholarships or Monbusho, and scholarships from individual US Colleges and Universities.