When your student also has to dodge scholarship scams, it is even more daunting. If you want to make sure your student avoids scholarship scams, here’s what you need to know.
LEGITIMATE SCHOLARSHIPS
– Require essays – Require additional support such as transcripts, SAT/ACT scores, and recommendation letters – Rewarded once or twice per year
HOW TO SPOT SCHOLARSHIP SCAMS
– Uses the term “sweepstakes,” “drawing,” “enter to win,” or “random selection” – Have zero requirements – Takes less than 5 minutes to apply – Rewarded weekly or monthly
WHAT HAPPENS IF YOU FALL FOR A SCAM?
– spam-filled inbox, robocalls, and more aggressive marketing attempts – attempt to steal your student’s identity – charging people to apply, may even steal the debit or credit card number
WHAT TO DO IF YOU FALL FOR A SCAM
– any bank account, debit card, or credit card involved needs to be locked down – contact the three major credit bureaus as well, either freezing their information or placing a fraud alert on their profile
DOES THAT MEAN SWEEPSTAKES ARE SCAMS?
Labeling a sweepstakes as a scholarship is dishonest. In the vast majority of cases, it is not a genuine scholarship; it’s a prize, and that isn’t the same thing.
(...And Avoid Student Loan Debt)