There Are Plenty Scams For College Money To Stay Away From

There Are Plenty Scams For College Money To Stay Away From

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Going to college can bring upon a mountain of debt. There are plenty of financial aid available for you to get funding for your college education, but be advised 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 looking for financial aid for college to avoid falling into the bunkers 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 frequently, 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. According to the Federal Trade Commission enquiry on financial support, 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 each year and is still increasing. This event may become worse due to today’s liquidity problems, the college money scams may drastically increase because less lenders being in the market, and more students seeking financial aid.

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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 a look out for words with literal errors or firms that don’t provide any contact info.

There are many college money scammers that mail letters on loans offers using letterheads that look really like the Department of Education. They fake the letterhead to make them look very real. In Truth the Department of Education doesn’t solicit consumers to loan offers, 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 carry any up front fees to you.

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There are numerous ways to get money for you or your children’s college education. Always be conscious of college money scams, they are around to take your money. When you receive any money offers either loans, scholarships, or grants that look to be too good or have the above signs, just avoid them at all costs. Trust me, you will yourself a lot of head aches later on.

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