British Universities and Colleges Sport (BUCS) has launched a water polo development grant scheme alongside Swim England.
The initiative is designed to support the growth of the sport at universities and make clubs stronger and more sustainable.
Student clubs can now apply for grants of £500 ($620/€550) until a deadline of August 2.
"We're really pleased that Swim England are investing into the higher education sector," said BUCS development manager Amy Seaman.
"This funding will go a long way in helping a large number of university water polo clubs across England develop their offer for students.
"The grant can be used in a variety of ways so I would encourage all our members in England to try and take advantage of this opportunity."
Andy Fuller, Swim England's water polo development manager, added: "We are delighted to partner with BUCS on this initiative to invest in the sport across higher education.
"The BUCS water polo programme provides a great platform for people to engage with and develop in the sport and I hope that these grants will contribute towards clubs being able to provide an enhanced offer."
Britain's men won four Olympic gold medals in water polo between 1900 and 1920 but the country is no longer a force in the global game.
Neither their men's or women's team won a match at their home London 2012 Olympics.