Did you know, every year more than $100 million is lost because of scholarship scams? And, more than half of students who applied for private loans reported they received a fraudulent loan, according to the Federal Trade Commission. Applying for financial aid or a scholarship should not cost you. If a website or someone is asking you to pay them, they are not affiliated with or endorsed by the U.S. Department of Education (ED). The American Bankers Association Foundation released a new infographic (below) with information to help consumers not fall victim to common scholarship or student loan scams.
1. Don’t ever pay a fee to get financial aid or apply for a scholarship.
2. Fill out your own Free Application for Federal Student Aid (FAFSA).
3. Never share your FSA ID or password with anyone (including companies or consultants).
4. Never give personal information over the phone or internet unless you made the contact.
5. Keep track of your receipts and documents. Store anything with personal information in a safe place.
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