Jay Vickery
Writing for the Web
7/7/2009
Scholarship fraud hits as many as 300,000 students every year.
ABSTRACT: Millions of legitimate scholarship dollars awarder to college-bound students. Yet annually, thousands of students are being ripped-off in the name of financial aid. The Federal Trade Commission warns all students and their families, “Be wary.”
FTC Warns College Students of Bogus Financial Aid
Legitimate scholarships are awarded to:
· Academically exceptional students
· Students in dire economic need
· Students with special skills and talents
Fraudulent scholarship companies go after:
· Students that do not have solid, but not perfect grades
· Students who do not qualify for financial hardship, but still could use the money
· Students without exceptional music, athletic or other talent
Actions by the Federal Trade Commission
· Last month the FTC filed charges against eleven companies that bilked over $10 million from students.
· The FTC points out the difference between real and bogus financial aid service companies.
· The FTC put out a warning to all college-bound students and their families.
Key Quotes
· “We can almost always help the really exceptional students, and sometimes the poor,” said Matthew Adamopoulos, director of Office of Financial Aid. “It’s those in the middle we have the toughest time with.”
· “If you have to pay money to get money, it might be a scam,” warned the Federal Trade Commission. “Be wary.”
· “They (Financial Aid Finders) promised to help, said they help everyone, that there’s lots of money for everyone,” said ripped-off Student Allan Giangelli.
· “It’s a rip off, a damn rip off. They’re crooks is what they are,” said student Allan Giangelli.
Additional Information
· http://www.scholarships.com/ScholarshipScams.aspx
· http://www.collegeboard.com/parents/pay/scholarships-aid/21400.html
· http://www.ed.gov/about/offices/list/oig/misused/sscams.html
Good job.
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