Did you know, every year more than $100 million is lost because of scholarship scams? Over half of students who asked for private loans said they got a fake loan, says the Federal Trade Commission.
Applying for financial aid or a scholarship should not cost you. If someone asks you to pay on a website, they are not connected to the U.S. Department of Education. Don't give them money. The American Bankers Association Foundation has a new infographic to help consumers avoid scholarship and student loan scams.
- Don’t ever pay a fee to get financial aid or apply for a scholarship.
- Fill out your own Free Application for Federal Student Aid (FAFSA).
- Never share your FSA ID or password with anyone (including companies or consultants).
- Never give personal information over the phone or internet unless you made the contact.
- Keep track of your receipts and documents. Store anything with personal information in a safe place.