ABSTRACT: The Federal Trade Comission issued a warning about fake financial aid companies promising to help with the search for scholarships. Those that fall prey to these scams don't get their money back.
Faux financial aid companies take your money with no return
- Scholarship search companies offer to find scholarships for you, which confused parents and soon-to-be college students turn for help.
- These fraudulent companies charge a few hundred dollars and don't actually find anything for the customer.
- High tuition costs and multiple children make families more susceptible.
The Federal Trade Commission is cracking down
- Temporary solutions to the problem include freezing a fake company's assets or temporary restraining orders that prevent them from taking part in FTC challenged activities.
- The FTC has issued a warning about trusting such companies.
- Some will send a useless list of hundreds or thousands of scholarships that you might not even be eligible for.
Failed efforts at a refund
- The companies can change their name and move within a matter of days, making them difficult to track down.
- Even postal authorities can't track where these companies move to.
- "If you have to pay money to get money it might be a scam. Be wary." -Matt Adamopoulos, head of the UW Oshkosh Financial Aid department.
- "...They promised to help, said they help everyone, that there's lots of money for everyone. Now I'm worse off than before." -Al Giangelli, fraud victim
- The FTC Public Service Announcement--http://www.ftc.gov/bcp/edu/microsites/scholarship/psa.htm
- The Council of Better Business Bureaus Alert--http://www.bbb.org/ALERTS/article.asp?ID=311
- The College Board: How to Spot a Scam--http://www.collegeboard.com/student/pay/scholarships-and-aid/408.html
Good job.
ReplyDeleteAP says you don't need to use an ellipsis (three dots) at the beginning or end of a quote.