Agency is celebrating 25 years of scholarship sales and service in Bermuda.

Mr. Jones, whose Agency Heritage represents the Heritage International Scholarship Trust Plan in Bermuda for distributors Scholarship Advisors International, said payments can start as low as $10 a month.

But in the case of a newborn child, $100 a month put toward the plan today would generate about $23,000 in savings for the child's first year of post-secondary education.

"At the current payout,'' interest earned on the savings "would be about another $24,000 a year in years two, three and four,'' he said.

"The bottom line is that, if you begin in time, you can educate your child for the cost of one year, and we'll pay for the other three years,'' he said.

A structured savings schedule made the non-profit plan successful, and a series of guarantees made it attractive, Mr. Jones said.

Savings were guaranteed -- whether the child decided to attend college or not.

The interest was invested in low-risk areas like US Government Bonds, Guaranteed Investment Certificates, and Treasury Bills. The backing of giant parent company Allianz Life Insurance Company also provided security, Mr.

Jones said.

Both life insurance and long-term disability could also be built into the plan to assure that "when the child is ready to go to school, the parent will have the money.'' Another feature allowed the plan to be transferred to a child other than the one initially enrolled.

Parents having children today should think about the future, Mr. Jones said. A college education that now costs $12,000 to $20,000 a year is expected to cost $25,000 to $30,000 18 years from now. "It's extremely difficult to find $25,000 at one time, and virtually impossible to pay it off in one year before you need the next loan for year two, year three, or year four.'' While it was recommended parents start making contributions when the child was born, it was possible to start later and catch up, he said. Parents purchase "shares,'' which can cost between $4.85 and $81.55, depending on the age of the child and the frequency of the payments.

The local office has sold thousands of plans. Last year was its biggest to date. Mr. Jones set a new record of nearly 7,000 units sold, enrolling more than 300 children.

The plan is popular here since students must leave the Island if they wish to obtain a four-year college degree. Well-known journalist Mr. Dave Burchell is among those who helped pay for their schooling through the scholarship plan.

But it was not only Bermudians who purchased plans through the local office.

"We've sold this programme to families that would represent just about every country of the world,'' Mr. Jones said.

The Canadian Scholarship Trust Plan was brought to Bermuda in 1969 by Mr.

Charles Jeffers, a well-known Bermudian and former candidate for the House of Assembly. After opening a Bermuda office on May 1, 1969, Mr. Jeffers was the enrolment director until 1987, when he accepted a top position at the SAI eritage head office in Toronto, Canada.

In 1988, SAI gave up exclusive distribution of the Canadian-dollar CST Plan, providing in its place the US-dollar Heritage International Scholarship Trust Plan for the Bermuda market.

Mr. Jeffers, who was succeeded by Mr. Jones in 1987, was turned on to the scholarship idea by Mrs. Edna Watson, a founder of the Committee of 25 for Handicapped Children and one of Bermuda's first female MCPs.

"My father died when I was eight years old,'' Mr. Jeffers recalled on a recent return to his native Bermuda. With three young brothers and sisters, "I never got the education that I wanted, because there simply was no money.

"We can say to parents: `Whether you live or die, whether you are sick or well, the dream you have for your child can be realised by participating in the scholarship plan.'' Mr. Jeffers recalled that marketing the concept was difficult at first, but success in Bermuda had been beyond his wildest dreams. "In the early years we had no real history, because Bermuda was only eight years behind Canada in marketing this new concept.'' At first, "people bought the concept, rather than the performance.'' Once the first four Bermudians received scholarships through the plan, in 1976, "people began to understand and see the added proof.'' In addition to Bermuda, Heritage International has offices in the Bahamas, Hong Kong, and Israel. The President's Council on which Mr. Jeffers and Mr.

Jones both sit recognised Bermuda's silver anniversary by holding its annual meeting on the Island in March.

Internationally, there are 60,000 plans enrolled, following a 24 percent increase in 1993. About $13 million is on deposit, and net earnings in 1993 averaged 6.7 percent.

Mr. George McOuat, a Canadian, is the president and chief executive officer of the Heritage International Scholarship Trust Foundation and visited Bermuda for the 25th anniverary.

Bermuda's Bank of N.T. Butterfield Executor and Trustee Co. Ltd. is the depository and depository trustee for the plan.

PLANNING AHEAD -- An overseas college education that costs $12,000 to $20,000 today could cost $25,000 to $30,000 by the time a child born today is ready to go to school. Here, Mr. Winston J.R. Jones (left) of Agency Heritage shows a couple how a small amount deposited each month can cover the cost.

Mr. Winston J.R. Jones.