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Beware of Scholarship Scams
Source: www.oag.state.tx.us
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Short Description: “You can’t get this information. anywhere else!” Or worst of all:. • “I need your credit card or bank. account number to hold this. scholarship.” ...
Content Inside: Beware of Scholarship Scams POINTS TO REMEMBER The price of a that offers scholarship-finding services Some companies may offer financial SCHOLARSHIPS & FINANCIAL AID college education or financial aid loans. Be wary if you aid loans for a fee paid in advance. has increased encounter promises like this: The fee may range from hundreds to Beware of any scholarship loan or financial drastically in "The scholarship is guaranteed!" thousands of dollars. If someone aid company that: recent years. "You can't get this information guarantees or strongly suggests that Guarantees a scholarship Tuition, books anywhere else!" they can get a loan or credit for you, Tries to charge an advance fee and living ex- Or worst of all: it's against the law for them to request penses are at all "I need your credit card or bank or accept payment until you actually Asks for your credit card or bank time highs. account number to hold this get the loan or credit. account number By Greg Abbott Naturally, par- scholarship." Be aware that there are entirely bogus Attorney General of Texas For information and assistance: ents and students There are no guaranteed scholarships. companies that will collect a fee up have been looking for creative ways Each year, hundreds and even thousands front and then simply abscond with College Parents of America to find the financial resources to fund of students apply for the same scholar- your money. Legitimate lenders never www.collegeparents.org a college education. Unfortunately, ships. While you may very well be a guarantee or say that you are likely to (888) 256-4627 these quests for financial assistance strong candidate for a scholarship, don't get a loan or credit card before reviewing have given rise to opportunities for believe anyone who makes guarantees. your application. To find out if a business is registered: scam artists to prey on parents and Claims to have special hard-to-get If you attend a seminar on scholar- The Office of the Secretary of State students. insider information on scholarships ships or financial aid, take your time www.sos.state.tx.us My office receives numerous com- are usually false, too. A company may and don't fall for high pressure sales (512) 463-5555 plaints from consumers being scammed have a database or list of scholarships tactics. Research the company and by individuals and companies selling and grants that it has compiled. But thoroughly investigate "success stories." To research or file a complaint: scholarship and financial aid services. this is information they have gathered Contact an actual former customer The Office of the Attorney General The last thing you need is to lose what through research, not because it has if possible. Don't purchase from anyone www.oag.state.tx.us money you do have in savings for college special access to information not available who is reluctant to answer questions. (800) 252-8011 to a phony scholarship opportunity. to other people. Ask how much money will be charged Most recently we received word A col ege education is too important for the service and ask about refunds. File a consumer complaint: from several consumers who each paid to risk being taken advantage of by The Federal Trade Commission $1000 to a company cal ed the College unscrupulous businesses or individuals. www.ftc.gov Funding Center that promised to help Giving out personal information (877) 382-4357 find scholarship opportunities. The such as credit card or bank account company went out of business and numbers to unknown or questionable consumers received absolutely nothing businesses is never a good idea. Anytime for their money. The Federal Trade anyone asks for sensitive financial Commission has taken legal action against information, you should remember this company. that in this day and age, identity crime Consumers should use extreme is a constant threat. caution when considering a company B Information on this and other topics is available on the Attorney General's Web site at www.oag.state.tx.us.
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