The Better Business Bureau is alerting parents and students to the increased danger of potential student financing scams.
Only scammers promise fast loan forgiveness. Scammers also promise loan forgiveness for a fee.Consumers can apply for loan deferments, forbearance, repayment, and forgiveness, or discharge programsthrough the U.S. Department of Education or their loan servicer at no cost and do not require a third party.
Bernas notes, "Applying for grants and scholarships is a great way to help ease the financial burden of attending college. Due to the sensitive personal and financial information provided for scholarship and grant applications, it is important to be cautious when choosing one to apply for." BBB recommends caution when dealing with companies that offer assistance in finding financial aid opportunities. A sudden offer of a grant or scholarship can look like a dream come true. But it could be bait for a scam. Students and their families should be wary of websites, seminars, or other schemes that promise to find scholarships, grants, or financial aid packages for a fee.
Scammers typically claim to represent the government, a university, or a nonprofit organization. The details vary, but the con is the same. The scammer will pose as a financial aid representative using words like "National" and "Federal" to sound more official. They claim you have won a scholarship or a grant and ask for payment of a one-time "processing fee."
To protect students and parents searching for financial aid opportunities from falling victim to scholarship scams, BBB recommends following these guidelines:Typically, winning a scholarship or grant that wasn't applied for is impossible. Ask how the organization got your name and contact information, and then verify it with the source outside of the email, phone number, or website they used to contact you.Avoid being rushed or pushed into paying for help at a seminar.
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