affluent families which makes forward planning all the more important, a visiting executive said yesterday.

In 1995, one year at a Canadian university -- including room and board -- cost $10,500, while the projected cost of a four-year education in the year 2000 is $54,000 ($13,500 per year) and $97,000 for 2020.

Jim Renahan, president and chief executive officer of the Canadian Scholarship Trust Foundation, shared these ideas in an interview with The Royal Gazette yesterday.

Mr. Renahan was on the island for an advisory council meeting with the Bermudian directors of the CSTF at Waterloo House.

At that meeting which occurs every two years, the directors were told of the latest developments with the CSTF which are relevant to the local chapter.

"It is important to have their endorsement because Canada is a bit of away from Bermuda,'' Mr. Renahan explained.

"This programme is for those parents or grandparents who realise that post secondary education will cost them a fair number of dollars.

"The challenge is how do you accumulate that money. The CSTF has been around for 35 years and its intent is to do exactly that.'' Mr. Renahan said that parents or grandparents can make a monthly contribution that is affordable.

"Like most other investment strategies if you start early and do it religiously on a regular basis, you will have a meaningful sum of money after 15 years and this will help to defray the cost of a college education.'' Overall, Mr. Renahan said that one of the strengths of the programme is that it enforces a discipline on people.

"This plan is specifically designed so that a family can only use it for their children's education. That is its real strength.'' Scott Pearman, 27, director of enrolments for Bermuda, said that in 1995 more than $500,000 was paid out to local families whose children were enrolled in the plan.