Scholarship scams are another one of the stop signs to be aware of.
If the offer sounds too good, it probably is!
Each year a growing number of students (family) are cheated by scholarship scams according to the National Association of Student Financial Aid Administer (NASFAA). “Fraudulent scholarship and loan companies are counting on individuals in desperate need of financial resources to not thoroughly investigate the company”, cautioned Bob Williams, President, and CEO of the Better Business Bureau. Consider these warning signs:
- Scholarship with an application fee
- Scholarship services requiring credit card information
- Questionable email and mailing addresses
- Scholarships services requesting detailed personal and financial information
Many times scholarships are based on a contest, essay, talent, and/or other criteria, however, the application and information required should not have the feel of a drawing. Those are generally associated with data warehousing organizations that intend on selling your information to marketing organizations.
There are numerous legit scholarship providers who award resources to help students and families supplement the cost of college.
Students should consult with their high school guidance counselor & college of interest to determine available programs. Consider investing time in using a Multi-Layered Approach found to be successful by many including Get College Going.