Managing Finances

Beware of scholarship scams

Need money for college? Unfortunately, in their efforts to pay the bills, many students and their families are falling prey to scholarship scams. The Federal Trade Commission cautions students on how to discover fraud.

The FTC cautions students to look for tell tale lines:

  • “The scholarship is guaranteed or your money back.”
  • “You can’t get this information anywhere else.”
  • “I just need your credit card or bank account number to hold this scholarship.”
  • “We’ll do all the work.”
  • “The scholarship will cost some money.”
  • “You’ve been selected by a ‘national foundation’ to receive a scholarship” or “You’re a finalist” in a contest you never entered.

Information for Students and Parents

Public Service Messages List of Defendants in Project $cholar$cam

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.