Bank of Bermuda is helping university students and their parents manage the financial burden of higher education costs with the introduction of new, low education loan interest rates. The bank hopes that by offering students and their parents special interest rates, they can help ease the pressure through lower repayments.

For secured loans the new low rate will be 6.5 percent.

"The costs of a university education are daunting," remarked Danny Fox. "We feel it is very important to find ways to assist Bermuda's youth gain a valuable education. High tuition fees are expensive, costing at least $15,000 per year. This adds up every year, especially if parents have more than one child studying. We can not control the cost of education, but at Bank of Bermuda we can help with financing those costs by offering a low interest rate education loan."

Mr. Fox, head of community banking, concluded: "Our commitment is to help clients reach their goals, whatever their stage in life and that includes going to university. Our new, low education loan rates offer students a better deal than ever before, making it easier to manage the unavoidable expenses associated with higher education."