The original 98-mile (158km) Waverley Route between Edinburgh and Carlisle closed in 1969 as part of the Beeching cuts to the UK rail network.
A 30-mile (48km) section, between Edinburgh Waverley and Tweedbank, reopened in September 2015, at a cost of £294m.
The initial success of the route, with greater than expected passenger numbers, strengthened calls for the Borders Railway to continue through Hawick and Newcastleton, on to Carlisle.
As part of the Borderlands Growth Deal, which was signed by both governments in 2021, £10m was earmarked for a feasibility study into extending the line across the border.
This week the transport secretary met with members of the Campaign for Borders Rail (CBR), representatives of Scottish Borders Council (SBC) and local MSPs to discuss the progress.
Ms Hyslop told the BBC: “There is £10m available for the feasibility study but everything takes time, and there are steps to go through to make sure we have as professional and robust a study as we can achieve.
“I appreciate the timescales can be frustrating for people but it’s important we get this right.
“We have held a positive meeting and we all know what needs to be done for taking things forward.”
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