Chancellor Alistair Darling said the one-off payment would help universities to create extra places in science, technology, engineering and maths courses.
Meanwhile, an offer of a guarantee of a job or training for every 18- to 24-year-old after six months out of work will be extended until March 2012.
The chancellor did not outline any further plans for school leavers not intending to go on to university but renewed the government's commitment on the 16-17 guarantee.
Commenting on the Budget, chief executive of charity Action for Children Dame Clare Tickell said: "The package of training and support offered to young people must go further to help the most vulnerable young people, such as care leavers, access the same opportunities as their peers if they are to get the future and chances in life they deserve. In times of hardship they suffer the most and yet it is their needs that often go unheard."
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