Where is My Money? 

“Millions of dollars in scholarship money go unclaimed every year!” Be wary when you hear this  phrase. Some scholarship money does go unclaimed because few students actually meet the criteria.  Other times scholarship search firms want you to pay them to provide what is free in the high school  Guidance Office.  

Financial aid scams come in many forms. Some are Web-based; some are in the form of seminars  with aggressive sales pitches. In most cases, scholarship searchers on a mission to save money on  tuition end up losing money instead. 

Characteristics of a possible scam include, but are not limited to:  

● 1-900 telephone numbers: These calls cost you by the minute. 

● An invitation to attend a “free” seminar on financial aid: It is always a good idea to attend  information sessions on financial aid. However, companies that run scams use time pressure to  get you to sign up for their services. They have one purpose: to get your money. 

● Money-back guarantees or promises: Many students have had a difficult time when they have  tried to get companies to make good on their commitments. 

The Federal Trade Commission cautions students to look for these telltale lines:  

● “The scholarship is guaranteed or your money back.” 

● “You can’t get this information anywhere else.” 

● “I just need your credit card number to hold this.” 

● “We’ll do all the work.” 

● “The scholarship will cost some money.” 

● “You’ve been selected by a ‘national foundation’ to receive the scholarship” or “You’re a finalist”  in a contest you didn’t enter. 

Be careful with information on student financial assistance. Check with your counselor, the Better  Business Bureau, or the National Fraud Information Center prior to paying money for financial aid.  

To file a complaint or for free information call 1-877-FTC-HELP (1-877-382-4357) or visit  www.ftc.gov/scholarshipscams. 

Remember: You can get free help from your Counseling Team!