Tell-tale Signs of Financial Aid Scams
According to FinAid, a non-profit organization, hundreds of students lose over $100 million a year to financial aid scam artists. Scammers sometimes offer scholarship prizes, scholarship-search services, or offers for scholarships with special application or entry fees. Others promise loans following payment of up-front fees and then never deliver on them. Scammers may resemble actual lending or scholarship organizations, but most have common flaws if you know how to look for them.
Here are five red flags:
Suspcious addresses. If an organization offers scholarships, loans, or grant services with a post office box or residential return address, be very afraid. Research the company carefully to determine if there is a company address and verifiable telephone number (call directory assistance).
Loan-application charges. Legitimate financial institutions typically deduct application and processing fees at the time of disbursement of funds.
Claims offering unclaimed loans or scholarships. Loans, grants, and scholarships are always matched with individuals based on need and educational expenses. Be wary of any company that promises to round up unused funds for you. Fee-based matching services are usually scams. It's a telltale sign when a service wants to collect "origination fees".
Guarantees. Don't buy into claims that they'll get you a scholarship or refund your money. Read the small print on any contract before sending money to anyone. If they need your credit card to "hold your scholarship", run and hide. Legitimate organizations do not charge fees for processing scholarship applications.
"You've been selected to win a scholarship..." No, you haven't. You've been targeted by scammers. To receive a scholarship, you'll need to complete a number of assessments and submit a completed application. Scholarships do not come looking for you.
- Home Health Aide
- Security Guard
- Veterinary Assistant More...
At Animal Behavior College (ABC), we're dedicated to helping animal lovers pursue animal careers.
- Cat Training
- Veterinary Assistant
- Certified Dog Trainer Instructor Course More...
- Veterinary Technology Alternate Route - Certificate
- Respiratory Therapy
- Veterinary Technology - Associates More...
- Online Associate Degree to Master Degree Nursing program
- Online Bachelor Degree to Master Degree Nursing program
- Master of Public Administration
- Master of Public Administration Online
- Master of Arts in International Relations Online
- Master of Civil Engineering Online More...
Baker College is proud to be the largest independent college in Michigan with the most focused approach to education and training available. With one of the highest graduate employment rates in the country, our mission is to help our students find meaningful employment.
- Elementary Mathematics - Additional Endorsement - Certificate
- Business Intelligence - MBA (Master's)
- Information Technology and Security - Bachelor More...
Join the community of thought leaders at University of the Rockies. Pursue your graduate degree from the University’s School of Professional Psychology or School of Organizational Leadership.
- MA in Public Sociology
- Doctor of Psychology, Mediation & Conflict Resolution
- Doctor of Philosophy, Organizational Development and Leadership More...
The MSW@USC is the first top-ranked MSW program offered nationally. Many online programs are limited to certain geographic areas or the availability of courses, making it necessary to travel to campus. Our program can be completed from virtually anywhere without the need to relocate to Southern California.
- Doctor of Social Work
- Master of Social Work