Friday, February 29, 2008

Avoiding Scholarship Scam

Need a scholarship for college? The internet is a great way to find information about scholarship but you may learn the hard way that promises to get you a scholarship are false.

  • Know who you’re dealing with. It may be a search company that is offering to help locate scholarships for which you may be eligible, rather than a foundation that actually awards scholarships. Most foundations don’t charge a fee to apply for a scholarship; if they do, it is very small. Scholarship search companies always charge for their services.

  • Beware of search services that guarantee you’ll receive scholarship money. No search service can control the decisions of scholarship sponsors.

  • Be cautious about emails offering scholarship assistance. Many unsolicited emails are fraudulent.

  • Get the all the details. A search service should be willing to give you a detailed explanation of exactly how it works and how much it costs.

  • Make sure you understand the refund policy. The company should explain upfront whether you can get your money back if you don’t receive a scholarship and what you have to do to qualify for a refund. Some fraudulent search services set difficult requirements, such as obtaining letters of rejection from each scholarship listing, to make it virtually impossible to get a refund.

  • Do your own scholarship search. A search service may provide information that is outdated or doesn’t apply to you. You may be better off finding scholarships yourself. Ask your high school guidance counselor and college financial aid offices for help. Another good source of information is College Parents of America, 703-761-6702 or

No comments: