Erasmus+ for Individuals offers two study options.
First one is Short Exchanges (ICM), which offers a short study period in both levels (Bachelor and Master). Afterwards the student has to return to his/her university to finish his/her studies.
For more information look at Short Exchanges (ICM) students/staff.
An Erasmus Mundus Joint Master Degree (EMJMD) is a prestigious, integrated, international study programme, jointly delivered by an international consortium of higher education institutions. Students at Master’s level from all over the world can apply.
Find the catalogue at Erasmus Mundus Joint Masters.
https://www.eacea.ec.europa.eu/scholarships/erasmus-mundus-catalogue_en