My personal experience was in Jordan, where I just walked into the university and registered for courses on a full-time schedule, and I was accepted as a candidate for a degree. I arranged to have my transcripts sent from a US university. There were no fees, higher education is free in Jordan. And many other countries, probably some in South America.
I already had a Jordanian residence card, but I don't know if that was a factor in my acceptance.
If you are serious about your objectives, I would suggest going to South America and visiting some universities, and make inquiries. Your €400 per month will be plenty, to enable you to live in backpacker style as you look around.
Of those I've seen, I think the university in Sucre, Bolivia, would be a wonderful place to spend a few years as a student. Also, Merida, Venezuela. If you're going for quality, Colombia has the reputation all over South America of having the highest educational standards at the pre-college level.
Here is a list of universities in some South American countries, with links to their websites.
http://en.wikipedia.org/wiki/Higher_...#South_America
As you can see from this chart, nearly every country in the world except the USA has figured out a way to offer free or affordable higher education:
http://uk.news.yahoo.com/22/20101209...x-39349ed.html
The rally today involving Prince Charles was a protest against th UK tripling their tuition fees to £9,000. So if you want to study abroad, you'd better beat the rush. A lot of British students will be out there with you.