Scholarship Scams

Do you need money to pay your tuition fees for your favorite course in college? With tuition fees and others going sky-high, students are figuring out bypass ways in order to finance their courses but unfortunately falling prey to numerous financial scams that are lying behind the scholarship schemes.

Here are few facts that you should remember to save yourself from such fraudulent cases:

Who Are These People?

Researchers have revealed that every year thousands of people are fooled by scammers and end up losing thousands of dollars only in an effort to pay for their tuition fees. There are several illegitimate government agencies, education lenders, and grant giving foundations, which provide fraudulent scholarship services for the students who in order to see a better future end up getting nothing.

Scholarship Scams

In most of the cases these falsified service providers use credible official words like federal, national, foundation and others so that people believe in their advertisements at ease. You should be very careful before you are fooled by such people who guaranteed success through advance fees or loans and claim to organize financial aid seminars against providing scholarships to save your money.

Recognize The Scams!

You need to be aware of the frauds that are done in the name of providing you the scholarships and a little knowledge can help you a lot. For example, several organizations might ask you to send money against a fee waiver for your course in the college, which can never be possible in genuine cases. Some of them, in order to maintain the credibility, charges no money separately but keep a high amount of application fees which is equivalent.

The range can be as low as $5 to as high as $ 500. Few of them also provide you the fee waiver but manage to digest most of the money from others in order to gain profit. Another way of grabbing money from you is to offer you an educational loan with low interest and asks a pre application fee which should be striking.

Upon payment of the same, you would never get the loan approved and thus end up losing the hefty amount you have paid. Some of the smart scammers attract you with an ad that says that you have won a scholarship which can never be possible without proper documentation and eligibility certificates. Here they would also ask for some money for the disbursement of the prize which is surely a type of scam to fool you. Some of them also say that the money is refundable, but believe it or not, once you pay them the money for the scholarship, you will never be able to track them at all.

How To Save Yourself From Such Scams?

You need to be very careful before you get trapped in such scholarship scams. If you get such lucrative offers, double check before you finally submit your personal information, like name, address, SAT or GRE scores, especially to strangers.  Get opinions from experts like financial advisors or from authentic sources belonging to reputed universities and understand how trustworthy the scholarship scheme is.

Try not to believe in verbal promises and ask them for written legal documents. Ask several questions before you even think of sending them the money, like how have they come to know about you, what is the procedure of the disbursement of the money and for how many years it will be validated etc. if they pressurize you to pay the money within a time limit, it is enough to understand that they might not be authentic as no genuine scholarship is bound by time. Just remember, it is easy to fall prey for malicious matters but very difficult to come out or cope with it later on. So isn’t prevention is still better than cure?

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