In a jurisdiction where Bermudians have more scholarship funding than ever before, deadlines have been closing on opportunities with a disturbingly low rate of applications.

A number of award providers have experienced a steep downturn in student applications.

This comes in an era in which applicants can fill out one form on Bermudascholarships.com allowing them to apply for a number of awards, with accompanying documents.

There are some 150 scholarships on the site, but many are multiple offerings, bringing the total number up to some 350 scholarships.

Staff at the Bermuda Foundation for Insurance Studies are so alarmed by the development, they have extended the BFIS scholarship deadline from Wednesday to next Monday, May 9.

BFIS said this will hopefully give those students seeking funding for further education the additional time needed to complete their profiles on bermudascholarships.com and submit their applications immediately for funding consideration.

A BFIS spokesperson said: “Most parents are aware that the cost of attending college today is huge and there is no question that most students require scholarship funding in order to obtain a degree.

“The average cost for attending a UK university today is around $35,000 per annum and there is the added benefit now that Bermudian students are eligible to apply for tuition loans.

“The average annual cost of Canadian tuition is slightly more at around $40,000, while US universities tend to cost $45,000 and above annually.

“The criteria for applying for BFIS scholarship awards is quite broad, with eligible subjects ranging from Business and Accounting to Legal studies and Information Technology.

“Students applying for the scholarships are generally considering careers in the insurance industry in a variety of positions, including broking, underwriting and actuarial.

“Similarly, the scholarship award levels are fairly broad, ranging from $10,000 to $25,000 annually. Students receiving BFIS awards are also allowed to accept other awards, thereby greatly assisting with the cost of attending college.

“Scholarships of varying amounts are being offered this year by Axis, MS Amlin, CG Group and Argo, with two new awards offered by Relm and Fortitude.

“Of course, there are also the regular BFIS awards which are available as well as a special Brian R. Hall Memorial award. Brian, the Founder of BFIS, sadly passed away late last year.

“Students are therefore encouraged to submit their applications without delay.”

There are also non insurance scholarships offered on the site.