Scholarship Scams
Scholarship Scams
by Sheri Schultis
October 25, 2005
Scholarship Scams
Scam Warning Signs:
* You have to pay a fee
* Money-back guarantee
* Requires credit card/bank account information
* Offers exclusive information
Common Scams:
Phony scholarship -- promises cash if you pay a registration fee
Phony scholarship matching service -- pay a fee and they guarantee you will win scholarships.
Phony educational loans -- pay a fee and receive a low interest rate
Phony financial aid seminar -- a high pressure, poorly concealed sales pitch
Reporting Scams
National Fraud Information Center -- www.fraud.org or 1-800-876-7060
Federal Trade Commission (FTC) - www.ftc.gov/scholarshipscams or 1-877-FTC-HELP
Better Business Bureau -- www.bbb.org
US Postal Inspection Service (USPIS) www.usps.com/postalinsepectors/frau or 1-800-654-8896.
Scholarship Scams
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