Managing Finances

Warning issued from The University of Wisconsin about Financial Aid Scam

The University of Wisconsin has issued a warning to its parents about a scam involving financial aid applications. The “College Financial Advisory” sent mailings to all UW parents asking for a $49 fee to apply for financial aid. However, UW does not require any forms besides the Free Application for Federal Student Aid (FAFSA), which is not fee based.

Here are a few “signs of a scam” provided by the Federal Trade Commission:

  • 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

For more information, please see the Federal Trade Commission’s site: www.ftc.gov/bcp/menus/consumer/education/scholarships.shtm

To fill out the FAFSA, visit www.fafsa.ed.gov

To reach the UW-Madison statement on the recent scam go to www.finaid.wisc.edu