Beware of Scholarship Rip-Offs to Avoid Extra College Debt

August 26, 2012

Scam scholarships pile on student debtScholarships make it possible to save money when faced with the rising costs of college, but you might find yourself in more

debt if you aren’t careful about who you share personal information with. The recent article on the Equifax Finance Blog, “

Finding Private Scholarships,” points out some red flags when you are exploring college financing options and gives strategies for finding more ways to save.

It’s important to be especially cautious at free financial seminars, where promises of financing and testimonials can fool you. Remember that even with professional assistance, scholarships and grants can’t be promised – any “guaranteed or you’ll get your money back,” or “exclusive information” claims are warning signs. Even worse are any seminars that offer scholarships that cost money to enter or will require a credit card or bank account number to “hold” the scholarship.

There are plenty of other ways to find scholarships that won’t require exposing your personal data and risking ruining your savings and

FICO Score. Check out websites like Fastweb, ScholarPRO and to find national scholarships, or ask around your local libraries and high school about local opportunities, where there will also likely be less competition.

If you have more questions about scholarships or any other personal finance, check in with the Equifax Finance Blog for frequently-updated money management tips.

Categories: Economy, Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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