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Beware Of Scholarship Scams | How To Avoid Financial Aid Scams

18th January 20230 Comment0

Education abroad is certainly a great investment. While you may want to look for inventive ways to finance your education, be on the lookout for dubious scholarship scams that use heavy-handed sales pitches to lure in unsuspecting students and make a quick buck.

Always remember the golden rule: any genuine company will not guarantee you scholarships or grants. We ask that you use your common sense and be careful not to fall victim to such maneuvers. Here are some tips on how to spot these scholarship scams.

There is a high application fee involved: If the organization in question asks you to pay a very high application fee, think twice. It may be nothing more than a deceptive move to take money out of your pocket.

Genuine scholarships are always based on merit and are only awarded to students who deserve or need them. Any organization that claims to get the scholarship on your behalf is misleading you.

Ask for your personal information: If the organization in question asks you to disclose your personal information, such as your date of birth, account number, or bank details, make sure you do not disclose it. You could be at risk of identity theft.

This deceptive organization could be trying to hack your account and steal your account balance overnight. It is always better to check the evaluations and reports of the institution online in advance.

Guaranteed Scholarship: Beware of those organizations that offer guaranteed scholarships. While the prospect may seem appealing, it can never happen that an organization blindly awards you a scholarship without evaluating your GPA and other credentials.

Unsought scholarships: If you receive a notification from an organization that you won a scholarship that you never applied for, don’t be fooled. No organization, no matter how philanthropic, will award an unsolicited scholarship.

Scholarship for a price: Any legitimate scholarship will not imply guarantees or endorsements. In rare cases, if this happens, be sure to do your own research and find out the truth behind it. It could be a loan scholarship and not a merit scholarship and you don’t want to confuse one with the other.

Pressure Tactics: “It’s now or never” or “click for an exclusive offer” are phrases to watch out for. Any organization or university would never keep a scholarship a secret. Any company that claims to have the exclusive right to a scholarship is leading you down the garden path.

The cyber-world is full of internet phishing scams and you may get countless emails from these fraudulent companies flooding your account.

Always watch out for these red flags and protect yourself from being an easy target for such maneuvers. It’s always a good idea to google it; Talk to your seniors and counselors before applying for any scholarships.

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