Bermudian university students' demand for financial assistance has forced Government to double the amount of money in a national loan scheme.

Education Minister Jerome Dill revealed at a press conference that the National Education Guarantee Scheme, set up two years ago, had already exceeded its designed limit of $2 million.

Therefore, he said, Government had decided to increase the maximum limit of the fund from $2 million to $4 million.

"We are making good our boast that no qualified Bermudian student who wishes to further his or her education will be prevented by lack of money,'' he said.

The scheme -- launched in 1994 under former Education Minister Clarence Terceira -- is a cooperative venture between Government, the Bank of Butterfield and the Bank of Bermuda.

Government promised to provide $2 million in guarantees for bank loans of up to $10,000 per student per year at a preferred rate of interest.

Mr. Dill noted that to qualify students needed to prove their acceptance at a university abroad at associate degree level, prove financial need, and agree to repay the loan once they were qualified.

"In 1994, we thought that $2 million would be sufficient to meet the demand -- that providing about $600,000 a year to students who would begin to repay their loans after three years, the fund would be replenished more or less at the same rate as it had been depleted,'' he said.

"This has not been the case, however. The demand exceeded our expectations.'' The fund is helping to fund the overseas education of 457 students.

Mr. Dill pointed out: "It has just begun its third year, and the first of them will not graduate until next year. This has meant that the fund has already exceeded its designed limit -- some $2,622,000 has so far been loaned out -- and replenishment will not begin until next year.'' Mr. Dill also pointed out that when the scheme was initially announced, Dr.

Terceira -- quoting from the 1991 Census -- noted that between 1980 and 1991 the number of Bermudians with university degrees nearly doubled from 1,530 or five percent of the population to 3,333 or nine percent.

Currently 300 females and 157 males are benefiting from the national education scheme. They range in age from 17 years to 44 years. But the average recipient is 24 years old and the majority are studying in the US.

Education is the most popular field of study, followed by business administration, accounting, and law.

"Bermudians in greater and greater numbers are realising that investing in their children's education pays very big dividends, not simply in terms of a university graduate's greater earning power, but also in terms of quality of life and contribution to the community,'' Mr. Dill added.

"Recognising that, Bermudians in greater and greater numbers are ensuring their children get university degrees.''