The Stiles and Drewe prize was also announced at the West End gala
Alex Cardall has been named winner of the Stephen Sondheim Society Student Performer of the Year.
In the West End gala, Cardall performed "Buddy's Blues" from Follies as well as Stiles and Drewe Best New Song "You and Me" by Adam Wachter.
Cardall was chosen out of 12 finalists who came from many of the UK's musical theatre courses and was awarded £1000. Wachter's prize is £1000 to put towards developing the new musical which the song originated from.
At the same time, Jim Barne and Kit Buchan won the Stiles and Drewe Mentorship Award for their musical The Season. Supported by Music Theatre International Europe, Barne and Buchan won 12 months of mentorship and support, including in monthly writers' labs, a one week writing retreat and two panel-led progress labs.
Past winners of the Student Performer of the Year prize include Taron Egerton, Alex Young and Izuka Hoyle. Previous winners of the Stiles and Drewe Prize for Best New Song include Tamar Broadbent, Richy Hughes and Joseph Finlay.
Winners were selected by a panel of judges including Rebecca Caine, Rebecca Trehearn, Stephen Ridley, David Benedict, Sharon D Clarke and Susie McKenna.