The Supporters' Trust's 1931 Fund will meet the youngster's wages for a second season, with each of the 60 members paying £19 each per month.
The Welshman joined the Grecians from Leicester last summer and made five appearances for the first team before a successful loan spell at Bath City.
Manager Paul Tisdale said: "When finances are so tight, being able to have 'an extra player' in the squad whom I couldn't have afforded without the 1931 Fund shows how important the fans are to us. I'm enormously grateful to everyone who pays into the fund.
"Young players like Elliott will have their chance next season and, although that opportunity has come through necessity, it will be a team with great potential.
"With support like this from the 1931 Fund, I'm looking forward to the challenge."
Chief executive Julian Tagg added: "In the world of football finance £60,000 doesn't sound like a huge sum, but for us it's massive. I can't thank those fans enough."