The partnership is funding the Carers Scholarships Fund providing free OU education and wraparound careers support.
The Hallmark Care Homes Foundation has donated £20,000 and The CareTech Foundation £39,996 to finance 50 undergraduate and postgraduate full fee-waiver scholarships.
The first recipients began their studies in October.
Avnish Goyal, chair of the Hallmark Care Homes Foundation, said the initiative will have a positive impact on young carers‘ lives.
Jonathan Freeman, CEO of the CareTech Foundation, said the scheme will help young people who have put their own interests aside to care for their loved ones.
Anyone interested in the Carers Scholarships Fund can visit: https://alumni.open.ac.uk/campaigns/the-carers- scholarships-fund for more information.