The funding comes in the wake of an unprecedented rise in demand for places, caused in part by the recession.
The cash equates to an extra 22,500 places for students, and will fulfil the government's September Guarantee, which promises an offer of education and training for every 16- and 17-year-old.
Balls claimed that more young people than ever before are now choosing to stay on in education and training.
He said that an extension of the Education Maintenance Allowance scheme is also under way, to make sure that young people from deprived backgrounds can attend education or training.
"Encouraging young people to stay on in education or training, and supporting them in the choices they make, is vital to ensure we are well placed for economic recovery," he said.
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