The Turing Scheme is named after scientist Alan Turing who was known for his work at the National Physical laboratory in Teddington.
It’s not clear whether costs will be fully covered although the Department of Education says will enable work and travel abroad.
Its estimated 120 universities, schools and colleges have applied for a share of the £110 million to fund work and study placements abroad.
Alan Turing is also featured on the new £50 note and his team was behind the breaking of the Enigma code during World War 2.