Hello! Scholarship covers everything! You only need to spend for your plane ticket and maybe visa application fees. When you get there, during the 1st month they will give you twice the regular monthly scholarship. That is to compensate for the things that you have spent by yourself when you were not yet in which ever country. Minus plane ticket you will probably spend around 10k. But when you get there, you will get even more.
I will give numbers for my program. When I got to Ghent, Belgium for the 1st semester of my 1st Master year, I received in the 1st month around 2400 euros. In pesos that was around x66 at that time. That was in September. From October to next year April, you will receive 1200 euros per month. In the last month June, you will receive 2000 euros to cover for your plane ticket or whatsoever.
I didn't have to spend any of my personal money during my stay. In fact the scholarship money made me even buy things I normally wouldn't be able to. In one month, you can probably spend around 500 to 600 euros for accommodation, food, etc... So you can save have the possibility of saving 600 to 700 euros a month. This is of course with simple living. Walay arte2x ba. hehe
Sending your application documents there will cost around 1.5k with FedEx.
Some of my colleagues have saved up to 10000 euros for the 2 years during the master program because they were extremely cheap or sa ato pa pwerting tihika.
This scholarship program is one of the most competitive, prestigious, and richest in EU and probably in the world. If you get in, your future will be very bright for you if you work hard.

I hope this helps.