Watch out for College Scholarship Scams
By tomchrobak1 at 6 February, 2010, 12:00 am
As the cost of attending college continues to climb, the ability of parents and students to pay for it decreases, and so they pray a college scholarship could be the answer. Unfortunately, this desperation for funding has led to nefarious activity conducted by people who are feeding off the hopes and dreams of children who simply want to go to college.
As difficult as it is to believe, there are people who offer so-called college scholarship programs that are nothing more than dream-stealing scams. It’s such a problem that the Federal Trade Commission has gotten involved and issued a list of “red flags” that parents and students should look for when applying for college scholarships.
Here’s what the FTC says parents should avoid:
—Be aware of solicitations from “national” organizations you are unfamiliar with or claims that you’ve won a scholarship contest that you did not enter. These slick scams pray on people’s hopes of huge scholarships, claiming that because of your child’s high academic achievements they have won a scholarship that can be obtained by paying a low fee. These people are just looking for your money, and not to help you finance your child’s college education.
—Avoid high-pressure sales pitches that some college planners engage in. Look for college planners who are certified, dedicated to the field, and will freely give you references of families they have as clients. While many reputable firms conduct seminars, some firms have actually hired actors to give positive testimonials during such seminars as a means of dredging up business.
— If someone claims obtaining any scholarship is “guaranteed” look elsewhere for your college aid. No one can guarantee a scholarship, because they are awarded by a committee based on such criteria as need, academic or athletic ability, as well as other criteria.
—If someone asks for your credit card or bank information to “hold” a scholarship, it’s a scam. With every college scholarship program, money only goes in one direction and that’s to your student. You should never have to pay to receive a scholarship.
Finding ways to pay for college can be a stressful time for parents and their children. The last thing anyone needs at this time in their life is being scammed out of money that could have gone to pay for your child’s education. Information on legitimate scholarships is readily available, and certified college planners are also a good resource for parents to tap into.
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