Scholarships are a abundant way for academy acceptance and their families to advice with the ascent bulk of tuition, but some scholarship offers ability not be what they seem.
According to FinAid.org, several hundred thousand acceptance and parents are defrauded by scholarship scams every year. A contempo analysis of 1,000 academy acceptance conducted by the Apprentice Loan Address begin that 41% of them were asked to pay a fee back applying for a scholarship, and 73% of those who were asked to pay gave over their money – when, in fact, applying for scholarships should never crave payment.
We batten with Andrew Elwell of the Academy Board about scholarship scams acceptance ability appointment while applying through both the federal government and clandestine organizations that action scholarships, and how best to assure yourself.
Scam: ‘Guaranteed’ scholarship
“There are no guarantees in life,” Elwell says, and the aforementioned goes for scholarships. Any scholarships that avowal a agreement should accreditation a afterpiece look. According to a Federal Trade Commission report, no distinct aggregation can agreement that you’ll accept a scholarship.
Allen Grove of the apprenticeship advice website Thoughtco.com explains, “Some organizations may ‘guarantee’ a scholarship because anybody who spends a assertive bulk of money will get a baby scholarship. This is annihilation added than a sales gimmick, abundant like acceptable a cruise back you buy a $50,000 car.”
Scam: Acquittal required
You should not accept to pay money upfront or accord your acclaim agenda or coffer advice back applying for a scholarship. Accepted scholarship programs do not allegation a fee to apply. “If you accept to pay money to get money, it’s apparently a scam,” says Mark Kantrowitz, an able on apprentice loans.
Kantrowitz says no apprentice should anytime advance added than a postage brand to accumulate advice about scholarships. Elwell recommends websites such as The Academy Board, and its sister armpit Big Future, or Fastweb, which accommodate chargeless searches beyond a advanced ambit of scholarships based on your interests and experience.
Scam: Doing the assignment for you
If a scholarship account says they will ample out your appliance and accelerate it on your behalf, it ability not be legitimate, Elwell says.
“If it sounds too acceptable to be accurate again it apparently is,” he says.
Grove explains that if an appliance states that you don’t charge to do annihilation added than ample out some claimed advice in adjustment to accept financing, affairs are the “scholarship-granting entity” is not trustworthy. “Scholarships are awarded because you’ve accurate yourself aces of the award. Why would addition accord you money back you’ve put in no accomplishment to prove you deserve the funding?” he says.
If you do feel like you’ve been the victim of a scholarship scam, Elwell recommends talking aboriginal with a trusted adult, such as a ancestor or your academy counselor, and again possibly contacting the Better Business Bureau, who has warned afresh that scams are in abounding force, the FTC’s website, or your bounded authorities.
He assures acceptance that they can get through the action unscathed, as continued as they’re acquainted of annihilation that doesn’t attending or feel appropriate forth the way. “The best way to assure yourself is absolutely to apperceive what to be on the anchor for and to assurance your instincts,” he says.
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