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Warn your student about financial aid scams. Some organizations imitate different types of college providers, using government- or professional-sounding names. These scams usually ask you for money, or ask you to attend seminars to learn more about their programs. Others say you’re guaranteed to win scholarships, or claim an outrageous success rate, such as “everyone wins.” Obtaining a scholarship should not cost money, should not require attendance at a seminar, and can never be guaranteed. Also, be cautious if a program requests unusual personal information, such as a bank account, credit card or Social Security number. And if the source does not offer a phone number or street address, or if you’re leery about one’s qualifications, it’s probably not a good idea to use its services.
Learn more about financial aid scams from the Federal Trade Commission. One way to learn more about the company in question is to search for available information on the Internet by using one of the numerous common search engines.
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