Scholarship Scams are rampant on the Internet and knowing
what to look for will help you avoid being ripped off by phony student loan
offers and bogus financial aid scams.
The College Scholarship Fraud Prevention Act enhances
protections 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
www.ftc.gov/scholarshipscams
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