Scholarship scams

Be on the alert for scholarship scams. The article by Michelle Singletary in today's Boston Globe has a great summary of what to look for. Read the full article here. (free registration maybe required) As a teaser, this is the summary: If the pitch says your child is guaranteed a scholarship or you'll get your money back. Of course there are always conditions that make that promise useless. If you believe a claim that they'll do all the work. Come on, every scholarship I've ever seen requires the applicant to do some work. If you fall for a claim that "you can't get this information anywhere else." Hello, there's this thing called the Internet and because of it, not much is a secret anymore. There are plenty of books that cost less than $50 that will help you and your child search for money. You are being pressured to give your credit card or bank account number to "hold" a scholarship for your child. If a company tries to get you to hand over such information unsolicited, hang up the telephone or get out of the room. You're contemplating paying a fee to apply for a scholarship . That's no different than when you're told to send money to claim cash supposedly won in a lottery. You're excited about an offer that comes in the mail that says your child has received a scholarship for which he or she never applied. The catch: You have to pay a fee to apply for it. Scholarship or financial aid scams aren't likely to deplete your life savings, but there's no sense in throwing away money for something you can get for free. Thanks Michelle, nice summary!