Bangor University is awarding £1,000 bursaries to student carers.
It launched its Student Carer Policy on Thursday to coincide with Carers' Rights Day.
It said over four years it had also created a student carers' booklet, launched an Instagram page for student carers to share experiences and introduced an annual residential school to give carers a taste of student life.
The award is not available to students bringing up children.
Third year psychology student and carer Jan Lloyd-Nicholson from Criccieth, Gwynedd, said the money was a huge help.
"It is extremely hard juggling university life and studies with caring duties," she said.
"The bursary has helped my family and myself immensely."
The university also offers a red wristband to student carers: "It's the individual's choice to wear the band, and the intention is to avoid the students' having to explain any need to leave a lecture room at short notice," the university said.
Third year PhD student Kaydee Owen said: "Going to university can be a daunting experience for anybody, but as a carer who moved away from home to study, I definitely faced some additional challenges.
"It is just really reassuring to know that other people are feeling the same anxieties."
Delyth Murphy, head of the university's widening access centre, said: "Young carers are four times more likely to withdraw from their higher education course than other students.
"We realise that juggling the competing demands of studying and caring can be challenging."
Kate Cubbage from Carer's Trust said: "Bangor University is providing the most extensive support to students who are carers in any university that I've come across and are to be congratulated."