Student paramedics across the East Anglian regions will be eligible for a new £5,000 annual bursary from September 2020.
University students will benefit from additional NHS funding for the first time, as they were not included in the old bursary scheme.
The grant will not need to be paid back and will supplement their student loans.
Paramedic students with children can also receive an additional £1,000 per academic year to go towards childcare.
The decision to allow the students to benefit from funding is part of a £2bn package of financial support across the NHS.
Dorothy Hosein, Chief Executive of East of England Ambulance Service NHS Trust (EEAST) said she was delighted by the news:
“This is very exciting news and a real bonus for students.
"This funding will make a lot of difference, so our message to those thinking of joining us would be – if you have ever thought about becoming a paramedic, now is a great time to do it.
"And if you previously thought you could not afford to undergo paramedic training, it could be time to take a second look. EEAST looks forward to hearing from you and welcoming you”.
Minister for Public Health Jo Churchill said:
“As demand grows we need more of the best and brightest to join our NHS.
"I’m proud that anyone who thinks they’re up to the job of saving people’s lives as a paramedic can now take advantage of this fantastic new £5,000 support package.”