A charity has paid out $3.5 million to Bermudians towards post-secondary education.

Heritage International Scholarship Trust Foundation specialises in education savings plans. It has enrolled nearly 7,000 children since its launch on the Island.

The latest figures bring its total funds distributed to Bermudians to more than $24 million.

For a child born in 2010, the company estimates four years of post-secondary education abroad will cost about $200,000.

Company CEO Jason Maguire said with the economy continuing to suffer, parents needed more options than ever to save for college and university tuition.

"At Heritage, our mission is to provide parents with an affordable savings vehicle that allows children to reach their greatest potential in adulthood through post-secondary education," he said.

A world leader of education saving plans, the Heritage Foundation has over $100 million in assets under management held in US dollar, government-issued guaranteed and fixed-income investments.