Scholarship Scams

Six Signs That Your Scholarship is Sunk

Advice from the Federal Trade Commission

1. “The scholarship is guaranteed or your money back.”

No one can guarantee that they’ll get you a grant or scholarship. Refund guarantees often have conditions or strings attached. Get refund policies in writing — before you pay.

2. “You can’t get this information anywhere else.”

There are many free lists of scholarships. Check with your school or library before you decide to pay someone to do the work for you.

3. “May I have your credit card or bank account number to hold this scholarship?“

Don’t give out your credit card or bank account number on the phone without getting information in writing first. It may be a set-up for an unauthorized withdrawal.

4. “We’ll do all the work.”

Don’t be fooled. There’s no way around it. You must apply for scholarships or grants yourself.

5. “The scholarship will cost some money.”

Don’t pay anyone who claims to be “holding” a scholarship or grant for you. Free money shouldn’t cost a thing.

6. “You’ve been selected by a ‘national foundation’ to receive a scholarship,” or “You’re a finalist” in a contest you never entered.

Before you send money to apply for a scholarship, check it out. Make sure the foundation or program is legitimate.

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

http://www.ftc.gov/bcp/conline/edcams/scholarship/sixsigns.htm

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