Heritage Education Funds International has paid out more than $3.2 million to families in Bermuda this year for postsecondary education.

The funding was distributed by Heritage Agency (Bermuda), which is licensed to market the Heritage International Scholarship Trust Plan in Bermuda.

The plan, known generally as an education savings plan, is a US dollar plan and provides families with a method of saving and investing for their children’s postsecondary education.

Families are able to create flexible, long-term savings plans that are tailored to each family’s individual financial situation.

In a statement, Heritage said that students who received their third and final scholarship this year benefited from return of 6.70 per cent.

During the two previous years, families in Bermuda received respective amounts of $2.75 million and $3.62 million.

Heritage has paid out a total of $44 million to families in Bermuda, “complemented by the fact that more subscribers than ever before in Bermuda have been using our Education Savings Plan to help fund a postsecondary education for their children or grandchildren”.

Jason Maguire, president of Heritage Education Funds International, said: “I’m truly thankful to our subscribers for putting their trust in us over the years,” said

“Our organisation has some of the best, most loyal customers of any industry, and they’ve helped make Heritage International what it is today.

“Our goal has always been to provide a cost-effective, flexible means to help hard-working families better afford a college or university education for their children, and I’m simply ecstatic that, by sticking with our plan, more of them are able to do so.

“A postsecondary education is critically important in today’s society, and the more people we help in achieving that goal, the better off the world will be.”

The organisation said tuition costs continue to rise, averaging a 5 per cent increase annually, and said if this trend continues, tuition for a four-year degree programme could exceed $100,000 in 2026, depending on the programme of study and location.

Heritage Agency (Bermuda), which is licensed to conduct investment business by the Bermuda Monetary Authority, said it continues to assist thousands of families in Bermuda building brighter futures for their children.

Gerry Swan is the agency director. Heritage Agency (Bermuda) has offices at Washington Mall, Phase 1, Church Street level.

Those interested in obtaining more information about the Heritage International Scholarship Trust Plan and saving for a child’s postsecondary education, can visit www.Heritageesp.com or contact Mr Swan at the agency’s office on 296-8528.