The ACE Foundation, in conjunction with Butterfield Bank, will offer interest-free loans to Bermudians pursuing academic studies or vocational training.

The launch of the loan programme yesterday was part of a larger new "Career Paths Initiative" designed to help students pursue careers appropriate to their skills and interests as well as Bermuda's needs.

The loan programme will see the eight-year-old philanthropic arm of ACE Group of Companies pay the interest on the loan while the student is attending trade school or university. The foundation will continue to pay the interest for one full year following the completion of the student's studies.

Applicants must be "qualified Bermudians who are motivated and committed", but they may use the loans to pay for any stream of academic study or vocational training.

The foundation has traditionally tailored its charitable programmes to students in insurance, but executive director Ralph Richardson said it opened this programme up to all types of academic pursuit or vocational training to meet the needs of the Island as a whole.

"We considered Bermuda as one entire community. When Alan Thompson or Brian Duperreault call for a plumber or mechanic they want someone who is qualified to do that at a very high level. For the last 30 years, we have not had the Bermuda Technical Institute and we have actually lost a lot of the training for the technical studies. If we want Bermuda to be the high end community that it is supposed to be then we have to have qualified people in all disciplines so we decided to open it up for that reason," he said.

The Ace Foundation will offer up to 100 student loans at any one time, but if more demand or more partners come on board more loans may be available.

The Loan Selection Committee comprises of representatives from ACE Group and Butterfield Bank will award loans based primarily on financial need, although other factors including self discipline and relevance of career in Bermuda may be considered. The loan is open to Bermudian citizens who are at least 18 years of age. There are no further age restrictions and applicants may be enrolled in full-time or part-time studies.

The one-year loans are renewable annually until study is complete, although students must continue to enrolled in an accredited institution or programme and achieve passing grades.

The loan application requires a personal reference, full details of financial background and academic enrolment as well as a detailed budget of required funds. The foundation has not set limits on how much money can be borrowed, but said it will loan what is "necessary to complete a full course of study or training."

The payback period on the loan will be over ten years, starting one year after graduation.

Mr. Richardson said: "The bank is offering a graduated payment programme [so the recipient will pay interest only in the first year and then the payments are graduated over ten years as they have an ability to pay."

The loans are just part of the Career Paths Initiative that was launched yesterday by the Ace Foundation in association with the Bank and Minister of Education and Development Terry Lister. Through the new dedicated website www.careerpaths.bm, it also aims to give students from middle school through to trade apprentices and college undergraduates practical information to help them reach for careers that best fit their individual interests and skills and also meet the demands of the Bermuda marketplace now and in the future.

Mr. Lister said: "Education is the passport to better citizens. Educated people are generally better parents, voters, workers and citizens. They contribute to their churches, they donate time and expertise to charities and they build and strengthen neighbourhoods. I am grateful to everyone who has contributed to this initiative and I would like to encourage all students to take advantage of this most important opportunity. Treat this future investment with care and attention. The return on that investment makes the journey all the more worthwhile."

The initiative is designed to work in tandem with existing career programmes available to students including the Bermuda Careers Centre, the National Trading Board, and the Ministry of Education and Development, as well as the local an international business communities.

Mr. Richardson said: "This initiative seeks to support students' ability to access and pursue the most appropriate qualifications for their skills and interests in tangible ways, using formal and informal methods, from workshops to interactive online tools."

The initiative is a long-term endeavour and will also include the establishment of a database to keep track of information on students who participated. The Ace Foundation has also started a parent/student working group to offer input on future developments and is poised to offer Careers 2005 on April 15 which is "a major interactive career planning event".