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Scholarship Scams

Scholarship Scams

June 24, 2021The Team

Have you been asked to pay money to get a scholarship?

If you answered yes, then this is more than likely a scam! Every year, several thousand students and parents are taken advantage of by scholarship scammers. The victims of these scams lose more than $100 million annually. Scam operations often imitate legitimate government agencies, grant-giving foundations, education lenders, and scholarship matching services, using official-sounding names containing words like "Federal," "National," or "Foundation."

How to protect yourself from scholarships scams

The below advice can help you avoid becoming the victim of a scholarship scam.

  1. If it sounds too good to be true, it more than likely is.
  2. If you must pay money to get money, it might be a scam.
  3. Legitimate scholarship foundations do not charge application fees.
  4. Never invest more than a postage stamp to get information about scholarships.
  5. Nobody can guarantee that you'll win a scholarship.
  6. If you're suspicious of an offer, it's usually with good reason. Trust your instincts!
  7. Spend the time, not the money.

In summary, be wary of scholarships with an application fee, scholarship matching services that guarantee success, or advance-fee loan scams and sales pitches disguised as financial aid "seminars."