The Regional Reward aims to boost students' job prospects and provide an incentive for regional students to study locally. 

Regional students who study abroad will be eligible for an $1000 grant, also under the initiative. 

La Trobe University regional vice-chancellor Richard Speed said through partnerships with local businesses students would be able to chose from a range of different work placements. 

"The best way for students to learn how to excel in their chosen career is through doing the job, which is why we have secured placements for students at our regional campuses," he said.

"We want to help boost our students' job prospects and provide them with the skills international employers are demanding, which is why we are offering travel grants worth up to $1000 to study overseas."

Melodie Beasley is a fourth year La Trobe student at Bendigo, studying a double degree in paramedicine and public health promotion. 

She said while her course included work placement, it would be a bonus for those that didn't. 

"I think it's a huge incentive. Work placements are so valuable, getting a taste of what the industry is like really helps," she said. 

Ms Beasley said at the completion of her first work placement, she felt a sense of relief.

"I realised it was definitely something I wanted to do. I felt a huge sense of relief," she said. 

Statistics from the ABS show that while 40 per cent of Victorians aged 25 to 39 living in Melbourne have a university education, the number is half that for people living in regional areas. 

In Bendigo it is 25 per cent of the population.

Ms Beasley said the initiative also provided incentives for students to move to the regions to study.   

Students who enrol at campuses in Albury Wodonga, Bendigo, Shepparton or Mildura will receive the reward.

For more information about the Regional Rewards, visit www.latrobe.edu.au