The Venerable David Meara, rector of St Bride’s Church in Fleet Street - said to be "the spiritual home for journalists" - announced the bursary at the Press Awards this week, and told Journalism.co.uk the bursary will be run initially for three years.
The first year will see the funding offered to a student accepted on the one-year MA course in newspaper journalism at City University, London.
In a release Meara, the Archdeacon of London, said the recipient of the bursary "will be encouraged to make a link with the church and the Guild" and "will be offered membership of the Guild for their postgraduate year".
"We hope that this bursary will be a practical contribution to encouraging a new generation of committed journalists, and will help to keep St Bride’s at the heart of the journalistic community in Britain and throughout the world," he added.
It is understood that the bursary will be operated in a similar way to others provided through the Stationers' Company, with the funding to go to a student commencing studies in September this year.
Head of journalism at City University London George Brock said he is "thrilled and delighted" by the offer.
- Watch a video here from Journalism.co.uk about St Bride's which has become known as "the journalists church".