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During this back-to-school season, many students and their families are looking for options to finance their studies. But beware! This is also high season for scammers who take advantage of students’ illusions to do their thing.
It’s common for young people to search for financial support to study and then end up being victims of fraud related to fake scholarships or supposed aid that never arrives. Here’s how they operate, and how to protect yourself.
Red flags to be aware of:
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They offer assistance you didn’t apply for: If you receive an email offering a scholarship or financial aid without having asked for it, be suspicious! Many times, these messages take you to fake websites, where they’ll take your personal information.
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They ask you for money in advance: No legitimate scholarship requires a down payment. If they ask you for money before giving you the assistance, it’s a scam!
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They use pressure or urgency tactics: Phrases such as “Send your information now!” or “The offer ends today!” are pressuring you to make hasty decisions without thinking. A genuine scholarship gives you time to read about it, ask about it, and then decide.
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Magical Promises: If they tell you they can magically erase your student loans, stop! It’s most likely a scam!
How can you instantly avoid this type of fraud?
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Always verify the source: Before sharing any information, make sure the organization contacting you is legitimate. Search for its official website, and check that it has clear and verifiable information.
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Only use official platforms: Don’t complete forms from strange links or websites you don’t recognize, and for which you never asked. If you’re going to share your personal or financial information, make sure you’re the one who accesses the entity’s official website, and complete the information there
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Get to know the correct agencies: Visit studentaid.gov to learn how to apply for real financial assistance for studies in the U.S.
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Don’t get carried away by dubious messages: The U.S. government is the only agency that can forgive federal loans, and only under very specific conditions.
Don’t let the excitement of planning for your future be ruined by a scam. Trust your instincts and make it a habit to always check before giving out your information. And remember, if something looks too good to be true, it’s probably a horror story.
So, don’t fall for the scam, and prevent fraud on the spot!
The contents in this section are provided for informational and educational purposes only and do not apply to all types of situations. The contents should not be construed as any type of advice or suggestion to take (or refrain from taking) any particular action, as it does not include or take into account all factors that may be relevant to your individual needs.