Heritage Education Funds International announced it has paid out $2.5 million during the past year to Bermuda residents for postsecondary education.

Bermuda students collectively have now received more than $40.4 million in the past three decades as a result of the Heritage International Scholarship Trust Plan.

Jason Maguire, president and CEO of Heritage Education Funds International, said in a statement: “It is no surprise that in today’s economic environment, most parents are challenged with supporting and planning ahead for their children so that they can pursue a postsecondary education.

“The average family cannot ignore the continual rise in the cost for a higher education, which in turn is a growing concern for the next generation.

“We at Heritage pride ourselves on providing parents a solution to this very worry. Starting a plan early and contributing to it often can relieve families of the burden of expensive tuition fees, and we feel our message is an important one to get across to all parents and concerned family members.”

Changes to the plan this summer mean that part-time students can now benefit from the scholarship funds, while students no longer have to pass the previous year in order to be eligible for the next year’s scholarship funds.

According to the press release, the application process has been simplified and the investment policy has been expanded to maximise returns.

Mr Maguire continued: “We consider it a privilege to serve our subscribers in Bermuda and applaud them for their ongoing commitment to their children’s postsecondary education.

“We expect that these strategic changes in the investment policy will result in a higher rate of return for the plan and better meet the needs and expectations of families and provide them with greater value.

“We wish this year’s class of new undergraduates much success in their new studies. Additional congratulations are extended to the proud parents who tactfully planned ahead for their children’s very bright futures.”

For more information, visit www.heritageesp.com.