Heritage Education Funds International -- providing consistent competitive returns – pays out US$2.5 million to families in Bermuda to fund post-secondary education
Bermuda, October 19, 2015 -Heritage Education Funds International, LLC (HEFI), one of Bermuda's leading providers of post-secondary education savings plans, today announces that the company has paid out US$2.5 million over the past year to Bermuda residents for post-secondary education. The Heritage International Scholarship Trust Plan has been an education savings vehicle of choice for families in Bermuda for over 30 years.
The company has provided subscribers another strong year. Students who received their final Educational Assistance Payment (“Scholarships”) this year have benefited from a return of 6.95 per cent and to date, has paid out over US$40.4 million in savings and Educational Assistance Payments (“Scholarships”) to families in Bermuda since inception of the plan.
“It is no surprise that in today's economic environment, most parents are challenged with supporting and planning ahead for their children so that they can pursue a post-secondary education,” says Jason Maguire, President and Chief Executive Officer of Heritage Education Funds International. “The average family cannot ignore the continual rise in the cost for a higher education, which in turn is a growing concern for the next generation. We, at Heritage, pride ourselves on providing parents a solution to this very worry. Starting a plan early and contributing to it often can relieve families of the burden of expensive tuition fees, and we feel our message is an important one to get across to all parents and concerned family members”.
This year has been an exciting one for the company as well as subscribers due to recent changes made to the plan, which became effective on July 31, 2015. The Foundation recommended and, through a member vote, passed changes to the plan that are intended to generally increase the flexibility and benefits offered to our families. As a result of the changes, part-time students can now benefit from the scholarship funds. In addition, students no longer have to pass the previous year in order to be eligible for the next year’s scholarship funds. Students will find that there is now a more simplified scholarship application process. Lastly, the investment policy has been expanded to maximize returns.
Mr Maguire continues: “We consider it a privilege to serve our subscribers in Bermuda and applaud them for their ongoing commitment to their children’s post-secondary education. We expect that these strategic changes in the investment policy will result in a higher rate of return for the plan and better meet the needs and expectations of families and provide them with greater value. We wish this year's class of new undergraduates much success in their new studies. Additional congratulations are extended to the proud parents who tactfully planned ahead for their children’s very bright futures.”
Those interested in obtaining more information about Education Savings Plans and how we can help to save for your child’s education, please visitwww.HeritageESP.com or contact:
Gerry M. Swan
Heritage Agency (Bermuda) Limited
Washington Mall 1, 20 Church Street, Hamilton HM 11
About Heritage Education Funds International
Heritage Education Funds International, LLC, the distributor of the Heritage International Scholarship Trust Plan, is dedicated to helping families around the world save for the cost of higher education. Heritage International Scholarship Trust Plan is administered by the not-for-profit corporation, Heritage International Scholarship Trust Foundation. This foundation specialises in the professional investment management and administration of the contributions