The Federal Government has introduced a Bill before Parliament that will provide financial assistance to students wanting to undertake part of their study in Asia.

Federal Minister for Tertiary Education, Chris Evans, said the Higher Education Support Amendment (Asian Century) Bill 2013, introduced introduced before Parliament last week, will provide assistance through the OS-HELP scheme.

Mr Bowen said the legislation would deliver on changes to the OS-HELP loan scheme announced in late 2012 as part of the Government's response to the Australia in the Asian Century White Paper.

"The Government is committed to supporting Australian students to gain the Asian literacy skills they, and Australian businesses, will need to take full advantage of the opportunities presented by the Asian Century," Mr Bowen said.

This measure is in addition to the Gillard Government's $37 million AsiaBound Grants Program for students undertaking short or semester length study opportunities, and for preparatory Asian language study.

The Bill also expands eligibility for the OS-HELP scheme for all students