Beware of Scholarship Scams
Despite all of the stories to the contrary, there are probably numerous honest people selling used cars. The same can’t be said about people who claim to be able to help families, for a fee, increase the amount of college financial aid they will receive.
Estimates vary, but it seems likely that these crooks…and that is an appropriate word…collect in excess of $100 million annually from unsuspecting families.
They do it by preying on families worried about the cost of college; families who know little or nothing about scholarships and financial aid; families who are often easy targets.
It all starts with a letter from a company with a name that makes it sound like a benign organization whose mission is to assist students and their families.
The letters look good. The letterhead design, the font style, and other elements are calculated to give the appearance of an established, legitimate organization. And, that can be all it takes to fool families…to get them to take the next step on the path to being scammed.
The letters almost always begin by frightening families about the high cost of college.
Once they have stated the problem…paying for college…they assure you they can provide the solution. They may offer to “teach you the secrets of financial aid”, “locate millions of dollars in unused scholarships”, or otherwise help you take advantage of their special expertise.
The letters are not always the same, but one element is. They invite you to come to a hotel function room or other reasonably large venue to learn more about financial aid and scholarships, at no cost. Sounds like a no-brainer, right? If you think so, think again.
The gathering, whatever it is called, is a well rehearsed sales pitch. The gist…you need money, we can help you get it. And, nowhere do you get the one piece of information you need most…everything of value these people can offer you is available elsewhere, for free.
The group pitch is followed by individual meetings during which families are pressured to immediately pay for the services offered. Many yield to the pressure, writing checks in excess of $1,000 for a worthless set of services.
Every year, a new set of potential victims come along. But, you and your family can avoid these masters-of-rip-off by turning to the people who really do have your best interests at heart…school counselors and college financial aid professionals.
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