The 19-year-old, who will turn 20 next week, will remain at Prenton Park for the duration of the 2020/21 campaign, and will be available for selection for this weekend's game at Newport County.
Young is highly rated at his parent club, and was involved in Newcastle United's first team matchday squads last season.
Speaking about his new signing, Jackson said: "We have been watching Jack a lot and we are pleased he has joined the football club. I would like to first of all thanks Newcastle United for allowing us to work with their player who they have very high hopes for.
"This is Jack's first loan and he is so enthusiastic and wants to further develop his game. He will provide great competition in midfield, and he provides something different that we don't currently have.
"The signing took quite a while to complete, but it is important we are thorough when bringing a new player into the group. He is a very bubbly character, and he is here to compete for a place in the team.
"We have received a number of excellent reports about Jack. He has lots of energy, he has trained with the first team at Newcastle United and they think a lot of him. He is a great addition to the squad.
"He will be in contention for this weekend's game at Newport County. He has also been playing football on a regular basis in recent weeks and months, so he is ready to go."