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British writer, actor and comedian Stephen Fry is to provide four travel bursaries of £2,500 to undergraduates.
The Stephen Fry Travel Awards will go to four American Studies students at the University of East Anglia (UEA).
Applicants from the four-year degree course, which includes a year abroad, will be able to apply for the funding from September.
"I'm investing in the future of our next generation of thinkers who will go on to achieve great things," said Fry.
Fry, who grew up in Norfolk, received an honorary doctorate from the UEA in 1999.
He is renowned not only for his sharp wit but also for his love of the US, documenting his adventures travelling in a London taxi across the continent's 50 states in a BBC television series and book.
"America as a country is both incredibly familiar and vastly alien to us," he said.
"Travel broadens the mind, opens us up to new and rich experiences and helps to challenge stereotypes and misconceptions.
"Ultimately, it makes us better-informed and more well-rounded people. My experiences of travelling across America have shown me just how important it is for others to do so."
Fry added: "Many young people might be put off taking a year abroad as part of their degree because of the financial cost.
"I hope that I can help and encourage more young people to discover this vast and wonderful country for themselves."
Dr Rachael McLennan, head of school for art, media and American studies at the UEA, said the year abroad was a vital component of American Studies.
"This will be a life-changing opportunity for the lucky recipients of Stephen's travel awards and is doubly important in this current cost of living crisis."
Other celebrities who have funded university students recently include musician Stormzy, who is supporting 30 Black and mixed-heritage students at Cambridge University.
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