Bank of Bermuda Foundation scholarships will now be handed out based on the financial needs of their families.

All students will be required to fill out a statement of means form to show whether their family is equipped to pay for postsecondary education, according to a statement from the Foundation.

The Foundation says it wants to ensure young people from less wealthy families have access to a top education as it evolves from being a charitable to a philanthropic organisation.

Evidence of strong academics and potential for success remain key requirements for eligibility.

Dennis Tucker, scholarship committee chairman, said: “This commitment reflects the Foundation’s vision that there are equitable opportunities for all, to lead purposeful lives, have financial security and enjoy a sense of belonging within the community.

“The Foundation is proud to continue its tradition of offering substantial scholarships to Bermudian students, with a new focus on supporting those who face obstacles due to finances.”

The Foundation supports students pursuing interests including the arts, business, vocational, postgraduate, medicine, law and other courses of study.

Up to 18 scholarships are made available each year to cover the costs of tuition, room and board and travel.

Scholarship applications are due by March 31. For further details, visit www.bermudascholarships.com.