More than 70 students have availed of ACE Foundation's interest free loans to go abroad and study, while 100 students who have been accepted to international education institutions remain in Bermuda because they cannot afford to pay tuition and travel.

Executive Director of the ACE Foundation, Ralph Richardson, was this month's guest speaker at the Hamilton Rotary Club. He spoke to the members about the company's commitment to education.

In 2004 the company outlined three goals to improving the education opportunities and future career path of young Bermudians.

Career Path Initiatives was launched in February 2005 with three main aims: aspiration, awareness and access.

One of the popular aspects of the Foundation's CPI is the Student Loan Programme, which improves students' ability to access a higher education regardless of their monetary situation.

The Foundation has organised for Butterfield Bank to provide loans to students who gain entry to a college, university or trade school abroad but do not have the means to pay for it.

The Foundation pays the interest on the loans for the duration of the student's education and for a year after they graduate. The student is then expected to pay the loan back in a timely fashion arranged with the bank.

Mr. Richardson said the programme allowed students who are academically capable and driven to pursue their education without the pressure of immediate repayment.

Currently the Island has many scholarships that are aimed at the top percentage of students and many, who are good students but not the best in the class, miss out.

The programme was launched in February 2005 and 160 students applied, by September 2005 the Foundation was paying the interest on loans for 70 students.

The total amount loaned to student last year by the Butterfield Bank came to approximately $1.5 million. Interest in the programme has not diminished and its 2006 quota has already been filled.

Mr. Richardson said the Foundation was so overwhelmed with the response to the programme that it will not be able to issue new loans till June 2007.

However, he said any company or individual interested in Bermuda's future should contact the Foundation. They currently have 100 students who have been accepted to institutions abroad but are unable to attend due because they lacked the resources.

He told the Rotarians that the average interest payment per student was $1000 and that it is a shame so many young Bermudians will miss out on an education due to being unable to secure loans.

The Foundation spearheaded last April Career Fair to increase students awareness. The fair included various trade booths such as masonry, plumbing, construction, motor mechanics as well as International Business booths.

Mr. Richardson said it was important to expose Bermudian students to all the careers that are available on the Island in order to spark the interest in learning and excelling in life.

He said that not all students are geared or interested in business related jobs but that they need to be encouraged to recognise that education is the key to a job in any field whether it be at a university or trade school.

He spoke of his personal experience of going to Berkeley Institute and struggling through the first three years.

He switched to the Bermuda Technical Institute in 1974 and finally realised that his education was preparing him for a job.

This realisation spurred Mr. Richardson on to finished top of his class within a year. The fair was a resounding success with 3000 people attending the Bermuda College during the one day event.

Mr. Richardson said the ACE Foundation's commitment to education will continue. In particular he was grateful that the Department of Education had partnered with the Foundation to ensure they fulfil the aspiration component of their mission.

In closing Mr. Richardson said: "We look forward to working with our community partners and expect that the results will be a better prepared workforce with Bermudian students prepared to offer the level of professional services expected in our complex and sophisticated Community."