A new University of Melbourne scholarship will support up-and-coming student-athletes as they strive to reach their athletic and academic potential.

The Andrew and Geraldine Buxton Athletics Scholarship will assist one student-athlete aspiring to be among the best in the world whilst they study at Australia’s number one ranked university.

The scholarship is believed to be the first elite athlete scholarship of any kind in Australia to be established in perpetuity by a donor and will encourage rising track and field talent to study in Australia instead of heading overseas.

The scholarship provides $10,000 per year in a cash award, as well as significant additional in-kind support. Students who are studying or applying to study at the University of Melbourne are eligible to apply.

Melbourne University Sport Director Tim Lee said the scholarship would help combat the “speed bleed”, which sees more than 500 promising student-athletes competing to study at American universities each year.

“This scholarship is a fantastic initiative. It will encourage talented student-athletes to stay in Australia while they pursue their goals in track and field,” Mr Lee said.

“Importantly, the scholarship will help student-athletes get a world-class education at the same time as following their sporting dreams.”

Former University of Melbourne athlete Andrew Buxton understands the pressures young athletes face combining study and training, which is why he founded the scholarship.

“If elite athletes are to reach their potential, then they need financial support to see them through major training blocks, get access to the best coaching and fitness advice, and fund travel to major competitions,” Mr Buxton said.

Melbourne University Athletics Club President Hamish Beaumont said the Andrew and Geraldine Buxton Athletics Scholarship is an important step forward for Australian universities.

“The scholarship is another means to alleviate the financial pressures that student-athletes encounter and provide the platform for them to focus on their studies and training to excel in both components of their life,” Mr Beaumont said.

Applications close at 5pm Friday 18 December 2015. Details can be found on Melbourne University Sport’s Elite Athlete Program information page.