A scholar from South Holland will benefit from a new £2,000 bursary.
The Moulton Harrox Educational Foundation will award the fund – 2,000 per annum over a three-year period – to put towards tuition fees.
Two book or equipment grants of 200 per year will also be awarded.
The trust members have written to several secondary schools and colleges in the district asking headteachers to nominate two pupils per school.
Trust chairman Robin Buck, of Jack Buck Farms in Moulton Seas End, said: "We have been concerned about the kids having to pay and being put off since the tuition fees went up.
"One of the trustees also said local headmasters were concerned about it.
"We have been giving smaller awards to people in the past but they have not been sufficient to make a difference.
"We would very much like this bursary to go to somebody who otherwise wouldn't be able to go to university.
"The applications will be judged in November so the successful applicant will have the confidence to apply for a place."
The list will be whittled down to three with the winning applicant getting the 2,000 and the two runners-up receiving 200 grants.
Conditions of the bursary:
The award will be made subject to an offer of a place on a full-time degree course. The offer could be extended through clearing for similar courses.
The bursary will be paid direct to the appropriate university for tuition fees subject to satisfactory completion of the previous year.
The student can defer the bursary and place for one year.
In the event of the successful candidate failing to gain the necessary grades or dropping out, the trustees reserve the right to retain the funds for other works.
All parishes are eligible, except Quadring and Donington, which have a separate educational charity in accordance with the Church of England.
The Moulton Harrox Educational Foundation administers the charity established in 1560 in the will of John Harrox.
John Harrox was steward to Sir John Harrington of Weston and lived in Moulton in what is now Harrox House and by careful husbandry built up a considerable estate.
In his will, besides looking after his wife Agnes and leaving livestock, clothing and other gifts to friends, servants and relations he left land and funds to establish a Free Grammar School in Moulton.
Moulton Grammar School opened in 1562 with ten pupils and continued to educate boys from Moulton and district for more than 370 years, until it closed in 1939 and amalgamated with Spalding Grammar School.
In 1932 there were 120 scholars, both boarders and dayboys, studying a full range of academic subjects.
Today the trustees manage more than 200 acres using the income to make grants to aided schools in the district or supporting the education of young people of the district where financial assistance is required.