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Protecting Yourself from College Scams
College is an exciting time for many young adults, as it is a new chapter of life filled with new opportunities and experiences. Unfortunately, college can also become a breeding ground for various scams that target young people. But with a little basic knowledge and a bit of caution, you can protect yourself from falling victim to college scams.
Here are a few of the most common college scams:
Financial Aid Scams: Scammers claim to make you eligible for different types of financial aid on the Free Application for Federal Student Aid (FAFSA), a free form that determines your federal aid eligibility. They may charge you a processing fee though there is no cost to complete or submit a FAFSA form. Sometimes, the scammers fabricate you and your parents’ financial information on your FAFSA for more benefits which is illegal with penalties that can include fines and/or jail time.
Unpaid Tuition Scam: Scammers contact you or your parents claiming that your tuition has not been paid in full and it will affect your enrollment if not paid immediately. Always confirm directly with the university before making any payments.
Student Loan Debt Relief Scams: Scammers falsely promise to lower your monthly payments or get your federal student loan forgiven for a fee. The U.S. Department of Education offers several repayment options as well as forgiveness programs and they never asks for a fee to process any requests. Any organizations asking for you to pay to request such actions are scammers.
Employment Scam: Scammers offer a job that sounds too good to be true and asks for an upfront payment or personal information.
Even the brightest students can become victims of fraud and lose money or get identity stolen to a scam. Be sure to check with the official sources when in doubt and do your research before sharing your personal information or signing any service contracts. Also, visit our Fraud Prevention Center to learn more about different types of common frauds and how to recognize, report, and prevent them. By being aware of such scams and staying vigilant, you can protect yourself from falling prey to fraudulent schemes.