How to Spot Scholarship Scams

When it comes to managing college costs, scholarships prove to be a useful option. Today, scholarships are available in all shapes and sizes. Whatever background the student may come from, they can avail the benefits of scholarship programs by doing some research. However, it is very important that you are careful enough to avoid scholarship scams that target eager students and parents every year. Remember, getting an scholarship is not easy, but it is not as difficult as we make of it. Scholarship programs are available for almost every types of student. All you need to do is research and find yourself a specific scholarship funding program that goes in with your requirement. While you are through it, you should be ready about how to spot scholarship scams. Given below are some of the most important tips and suggestions on how to spot a scholarship scam.

The Federal Trade Commission’s Scholarship Scams, if you hear the following statements, you may run the risk of being duped :

“The scholarship is guaranteed or your money back.”
“I just need your credit card or bank account number to hold this scholarship.”
“We’ll do all the work.”
“The scholarship will cost money.”
“You’ve been selected by a national foundation”
“You can’t get this information anywhere else.”
“We’ll do all the work.”
“You’re a finalist” (in a contest you never participated in)

The above mentioned lines should make you aware and careful. These are some tell-tale lines that have been given by the Federal Trade Commission’s Scholarship Scams to help you spot scholarship scams. No organization can ever promise a guaranteed scholarship funding to your child. In case of refund guarantees, you must get the policies of the organization in black and white. Many times, you might hear organizations say that only they will provide specific scholarship information and no one else. Be informed that there are various resources from where you can collect a free list of a variety of scholarship funding programs. The research for this free list of scholarship can be obtained from a high school, the library or any other authentic source of information.

If anyone tells you that they require your credit card number or bank account number to get you a scholarship funding, it can be a case of scholarship scam. And if all of this conversation happens over telephone, never ever disclose your credit card or bank out number. You should be ready to spot a scholarship scam before it actually hits you. Try to get everything in written before you decide to disclose any personal information, as it may lead to an unauthorized withdrawal from your bank account. Some say they will do all the work so that you child may easily get a scholarship funding. They are trying to fool you. For obtaining grants, the candidate is required to apply for the scholarship program themselves. And there is no way out.

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At times, parents become apprehensive of financial aid processes. In desperation they resort to financial aid consultants. Be advised and informed that many of these financial aid consultancy services can lead you to be duped in a scholarship scam. When you are applying for a scholarship funding program and are eager to obtain, you should also know how to spot scholarship scams and how to protect yourself from such scams. Always try to get some good piece of advice from the high school counselor or the college financial administration department.

Do not ever try to use a short cut to obtain a scholarship funding. The procedure of getting scholarship funding may be tiring at times. The effort, however, is worth it. You do not need to pay anyone to get your child grants. The scholarship money is free money and so it should not cost you a thing. All you need to do is do some research and make effort. In case you send money to a scholarship provider, do go through the credentials of the foundation to ensure that it is legitimate. If you suspect you are about to get into or spot a scholarship scam trap, inform the school guidance office or the financial administrative department of the local college. Submit all the written documents and the correspondence literature at the school or college office. To protect yourself from scholarship scams, you can also seek assistance from the State Bureau of Consumer Protection, the State Attorney General’s Office or the National Fraud Information Center.

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