It happens every year. High school seniors and their parents are defrauded by scholarship scammers; people who promise to help them land scholarships and financial aid they wouldn't otherwise receive.
If you'd guess that such scammers bilk families out of $100 million a year or more, you would be correct.
They do it by playing on the fears of families who are scared by the cost of college and have not been well educated on all the legitimate help available to them.
It all starts with a letter from a company with a name that makes it sound like a benign organization whose mission is to assist students and their families.
The letters look good. The letterhead design, the font style, and other elements are calculated to give the appearance of an established, legitimate organization. And, that can be all it takes to fool families...to get them to take the next step on the path to being scammed.
In nearly all the letters they send, the con men begin by reinforcing families' fears about their ability to meet college costs.
But, the letter says, we can help. We can show you how to receive more financial aid. In some instances the letters will mention "secrets colleges dont want you to know. Sometimes the letters will talk about millions of dollars in "unused" scholarships and financial aid; money just waiting to be found by and given to students who know the ropes.
What all the letters have in common is that they invite families to a free "seminar, often at a local hotel. Because the letter offers the hope of extra financial aid, and because the evening is free, many families accept the invitation. Thats mistake number two.
The meetings are run by well- practiced pitchmen who tell families they have the special knowledge and experience required to shake the most money off of the financial aid and scholarship trees. In reality, they want to sell you services and help which are readily...that's right, readily... available elsewhere. At no cost.
After the group presentation, families are invited to meet individually with staff members sometimes called counselors. In the world of sales, these folks are called "closers"...folks trained to close the sale. Their job is to get families to sign a contract and pay a fee of up to $2,000 before leaving. Unfortunately, they succeed all too often.
Don't be the victim of financial aid con men (and women). There are lots of good websites offering free scholarship searches and financial aid advice. And, high school counselors and college financial aid counselors will gladly give you advice and answer your questions. There is no need to turn elsewhere. - 16759
If you'd guess that such scammers bilk families out of $100 million a year or more, you would be correct.
They do it by playing on the fears of families who are scared by the cost of college and have not been well educated on all the legitimate help available to them.
It all starts with a letter from a company with a name that makes it sound like a benign organization whose mission is to assist students and their families.
The letters look good. The letterhead design, the font style, and other elements are calculated to give the appearance of an established, legitimate organization. And, that can be all it takes to fool families...to get them to take the next step on the path to being scammed.
In nearly all the letters they send, the con men begin by reinforcing families' fears about their ability to meet college costs.
But, the letter says, we can help. We can show you how to receive more financial aid. In some instances the letters will mention "secrets colleges dont want you to know. Sometimes the letters will talk about millions of dollars in "unused" scholarships and financial aid; money just waiting to be found by and given to students who know the ropes.
What all the letters have in common is that they invite families to a free "seminar, often at a local hotel. Because the letter offers the hope of extra financial aid, and because the evening is free, many families accept the invitation. Thats mistake number two.
The meetings are run by well- practiced pitchmen who tell families they have the special knowledge and experience required to shake the most money off of the financial aid and scholarship trees. In reality, they want to sell you services and help which are readily...that's right, readily... available elsewhere. At no cost.
After the group presentation, families are invited to meet individually with staff members sometimes called counselors. In the world of sales, these folks are called "closers"...folks trained to close the sale. Their job is to get families to sign a contract and pay a fee of up to $2,000 before leaving. Unfortunately, they succeed all too often.
Don't be the victim of financial aid con men (and women). There are lots of good websites offering free scholarship searches and financial aid advice. And, high school counselors and college financial aid counselors will gladly give you advice and answer your questions. There is no need to turn elsewhere. - 16759
About the Author:
Daniel Z. Kane is an educator who produces websites on online degree programs and online college degree programs at the graduate level.
