South Florida Educational Federal Credit Union has given more than $193,000 to 15 graduating high school seniors as a part of its annual Hubert O. Sibley scholarship program.

The $811 million Miami credit union said the program covers the cost of 15 students' tuition payments throughout the entirety of their undergraduate years. The program is instituted through the Florida Prepaid University Plan and will pay for tuition costs at any of Florida's 11 state universities.

The credit union added that the scholarship money could be transferred to a student's payments for an out-of-state or private college as well. However, those choosing to remain at a Florida state university will most benefit as all tuition payments are guaranteed to be covered, the credit union said.   

More than $2 million dollars has been dispersed among 263 undergraduates since the program's inception in 1995, South Florida Educational FCU said.