Every year, millions of students spend countless hours applying for scholarships in hopes to receive some money to help pay for their college education. However, some students fall prey to scholarship scams that guarantee money for school in exchange for a fee.
The Federal Trade Commission warns parents and students to be leery against companies that make big claims about how they can land scholarships. The FTC cautions students to look for tell-tale lines like:
- “I just need your credit card or bank account number to hold this scholarship.”
- “You’ve been selected by a ‘national’ foundation.”
- “You’re a finalist in a contest you never entered.”
Last year, the number of complaints to the FTC increased by almost 4,000. Authorities advised students to make sure you know whom you’re dealing with and to always use common sense when applying.
If you’re ever in doubt, always check with your school guidance counselor.