Getting a College Degree can bring upon a mountain of debt. There are ton of financial aid available for you to get money for your college education, but be warned that there are also numerous college money scams around. These scammers are looking for any chances to cheat college students desperately seeking financial aid. You should be very careful when hunting for financial aid for college to avoid falling into the traps of college money scams.
The big money college scams are the Federal or personal loans scams, and the second scam is related to fake scholarships or free money that students don't have to pay back. Most recently, the scammers mail their offerings directly to students' or parents' homes, demanding money up front, customarily they are going to ask you to pay for some forms of processing costs before they pay out the fund. Reported by the Federal Trade Commission enquiry on financial aid, scholarship or loan scams broadly speaking cheat people out of $50 to $1,000 when paying for these application fees. The results shows that over 100,000 families are being cheated annually and is still rising. This situation may become worse due to today's liquidity crisis, the college money scams may drastically increase because less lenders being in the market, and more students in need of financial aid.
So, the question is how does one recognize a scam? At Times , it cab be tough to see the difference between the valid loan / scholarship suppliers than the scammers. Try and remember this, the golden rule is to steer away from any offers that just appear too good to be true, and keep an eye out for words with misprints or businesses that don't provide any contact info.
There are some college money scammers that mail letters on loans offers using letterheads that really look like the Department of Education. They fake the letterhead to make them look very real. The reality is that the Department of Education never solicit consumers to borrow money, so any mail or email received from any government agency should be illegitimate and probably is a scam. Remember that, scholarships and grants should not contain any up front fees.
There are numerous methods to acquire money for you or your childrens' college education. Always be conscious of college money scams, they are around to take your money. When you receive any offers either loans, scholarships, or grants that look to be too good or have the above signs, just avoid them at all costs. Believe me, you will save a lot of head aches in the future.
The big money college scams are the Federal or personal loans scams, and the second scam is related to fake scholarships or free money that students don't have to pay back. Most recently, the scammers mail their offerings directly to students' or parents' homes, demanding money up front, customarily they are going to ask you to pay for some forms of processing costs before they pay out the fund. Reported by the Federal Trade Commission enquiry on financial aid, scholarship or loan scams broadly speaking cheat people out of $50 to $1,000 when paying for these application fees. The results shows that over 100,000 families are being cheated annually and is still rising. This situation may become worse due to today's liquidity crisis, the college money scams may drastically increase because less lenders being in the market, and more students in need of financial aid.
So, the question is how does one recognize a scam? At Times , it cab be tough to see the difference between the valid loan / scholarship suppliers than the scammers. Try and remember this, the golden rule is to steer away from any offers that just appear too good to be true, and keep an eye out for words with misprints or businesses that don't provide any contact info.
There are some college money scammers that mail letters on loans offers using letterheads that really look like the Department of Education. They fake the letterhead to make them look very real. The reality is that the Department of Education never solicit consumers to borrow money, so any mail or email received from any government agency should be illegitimate and probably is a scam. Remember that, scholarships and grants should not contain any up front fees.
There are numerous methods to acquire money for you or your childrens' college education. Always be conscious of college money scams, they are around to take your money. When you receive any offers either loans, scholarships, or grants that look to be too good or have the above signs, just avoid them at all costs. Believe me, you will save a lot of head aches in the future.
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