Knowing what to look for will help you avoid being ripped off by phony student loan offers, bogus financial aid, and student scholarship scams.
The College Scholarship, Fraud Prevention Act, enhances protection against fraud in student financial assistance. When searching for information on student financial assistance, the Federal Trade Commission (FTC) cautions students to look for these telltale lines:
- We’ll do all the work;
- The scholarship will cost some money;
- You can’t get this information anywhere else;
- The scholarship is guaranteed or your money back;
- I need your credit card/bank account number to hold this scholarship;
- You’ve been selected by a ‘national foundation’ to receive a scholarship’ or ‘You’re a finalist’ in a contest you never entered.
Estimates show that families lose millions of dollars to scholarship fraud every year!
If you’ve been contacted by any agency or individual using one of the above lines (or similar wording) file a complaint ASAP by calling 1-877-FTCHELP (1-877-382-4357) or visit FTC Scholarship Scams