As college costs rise, scholarship scams utilized by predatory businesses continue to function prospective pupils and their families. A student looking for scholarships to pay for the faculty might discover extended surveys promising that a pot of cash waiting in the conclusion, a watch cluttered with junk mails and U.S. Department of Education logos sprinkled across sites requesting an upfront commission to use. Federal student loan identification theft reports in 2018 grew up 119 percent on the preceding calendar year, based on the same FTC report, also customer reports of student loan issues with lenders and banks from 2018 numbered 29,346.
How to Avoid Falling for Scholarship Scams
To evade falling a victim of these scams, as a student you should never pay an upfront application fee for a scholarship or provide their bank account information or Social Security number. They ought to find out more about the scholarship supplier and search for previous winners to demonstrate that the award’s history of validity.
Breyault urges pupils to correspond with some other personal consultants or businesses concerning scholarships in composing to make a listing of any claims made. He states if some consultants or businesses are reluctant to innovate writing that might be an indication of fraudulent action. And while students may be skeptical about entering their credit card info, they ought even to think twice before supplying any personal info to suspicious websites. Some scams are mining pupil information and data through questionnaires and basic contact types.