Student Beware: Not All Scholarships Are Legit!
In today’s world, people have to constantly be on the lookout for scams. Whether you’re just beginning your scholarship search – or you’re knee-deep in applying – you need to be aware that there are scam artists out there, waiting to take advantage of students. You reduce your risk of falling into the trap by knowing what to look for, including:
Fees
You’ve found the perfect scholarship, but when you read the fine print, you realize you’ll have to pay $50 (or any amount) to apply. Legitimate scholarships do not require an application fee, a processing fee, a loan fee, or any other type of fee. Never pay a fee to apply for a scholarship.
Promises, promises.
If you’ve done any research, you’ve likely come across companies that promise students they’ll find them scholarship money. Guaranteed. The reality is there’s no guarantee with scholarships, so any company making such a promise is likely one with whom you don’t want to deal.
Hello? Phone Support?
Read over the scholarship application – is there a phone number you can contact if you have any questions? If not, alarm bells should be ringing. The majority of legitimate scholarship sponsors offer a phone number for students to call. If the scholarship application doesn’t have a phone number, ask your financial aid counselor if he’s ever heard of the scholarship or the sponsoring organization.
You’re a winner! You've won a free scholarship!
We’ve all received those envelopes proclaiming we’ve just won a million dollars or telling us to call an 800-number to claim our free cruise. Unfortunately, you might receive a letter or an email claiming you’ve won scholarship money. Check that you applied for the scholarship first. If you haven’t, you should be very wary. How could you have won if you never applied?
Open eligibility.
Be wary of those scholarships that allow anyone to apply. Most scholarships have some type of eligibility requirements: whether it’s a particular grade point average or a specified major.
Can we just get your bank, credit card and/or social security numbers?
Never give out your bank account, credit card or social security numbers to any scholarship sponsor. One that asks you to do so is likely not one with whom you want to deal. In this age of identity theft, you can never be too careful with your personal information.
"We’re a new company," but…
Any new company offering a scholarship should be investigated. Ask for references with phone numbers – don’t settle for an email reference. You want to be able to physically speak to the references to determine if the company is, indeed, legitimate.
Become a BBB regular.
If your financial aid advisor hasn’t heard of a scholarship’s sponsoring organization, contact the Better Business Bureau to see if they have. You can reach the BBB on the web at bbb.com.
Remember….
Remember that old cliché: If it looks too good to be true, then it probably is? Same goes for scholarships. Trust your instincts.
Now that you know what to look for, you can better protect yourself from scams. The good news, however, is even though there are scams, there are still hundreds of legitimate scholarship sponsors offering money for deserving students like you.
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