December 8, 2006, Newsletter Issue #42: Scholarship Scams

Tip of the Week

It is an unfortunate truth that with so many people looking for financial assistance, there are those who will try to take advantage of people and scam them. It is estimated that people are cheated out of approximately $5 million each year in scholarship scams. Here are some good rules of thumb when searching and applying for scholarships:

If it looks too good to be true, it usually is.
Nobody can guarantee that there is a scholarship you will win.
Be careful of scholarship programs that charge an application fee. This could be the sign of a scholarship scam, or it could just be a way for scholarship providers to cover their processing expenses. Remember, you should check the company background before sending in your cash if you are unsure of a scholarship's legitimacy.

Always trust your instincts. If something feels off, it probably is.

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Jerry Mayo