The ICAS foundation aims to award up to 40 grants of up to £10,000 per study year in its first two years. The foundation will be funded mainly by donations from ICAS members, who may also mentor support recipients.

ICAS president Sir David Tweedie said: "Stubbornly high drop-out rates from colleges and universities bear witness to how hard it can be for some.

"In many cases, those who are socially, economically or perhaps physically disadvantaged, are also without the positive peer pressure or family support that helps them fulfil their potential."