Beware of Scholarship Scams

It's the time of year when students and their families are faced with finding the funds to pay for college. It's also the time of year when these families receive information from companies offering assistance in securing scholarships. Of course, this assistance comes with a price, and some of these offers are nothing more than scams.

Beware of companies that offer claims such as:

"You're guaranteed a scholarship, or you'll get your money back."
"You can't get this information anywhere else."
"We'll do all of the work for you."
"We need your credit card or bank account number to 'hold' a scholarship for you."
"You have been selected by a national foundation to receive a scholarship."

Typically, companies making such false promises charge anywhere from $50 to $1,500; they may contact you by mail or email to invite you to a workshop to learn the secrets of winning scholarships.

The truth is there are no secrets about applying for scholarships or other forms of student aid. Everything these companies offer, you can do for free...and there are resources available to help you get started.

Simply fill out the Free Application for Federal Student Aid (FAFSA). This form determines your eligibility for most federal and state grants, work-study programs, reduced-cost student loans, and many scholarships.

In addition, search for scholarships using the free Scholarship Search on EducationPlanner.org, which offers 1.8 million scholarships, grants, and awards worth nearly $8 billion. Your school counselor is also an excellent resource for scholarship information.

Congratulations...You're Accepted

You've done your research, decided which colleges you're interested in attending, and sent your college applications. Soon you'll start receiving the letters that will help define your future.

Sometimes good news comes in a thick envelope, and sometimes it comes in a thin one. You won't know until you open it, so take a deep breath.

The first sentence normally tells it all—either the school is happy to extend an offer of admission, or the school regrettably is unable to extend an offer at this time. While that's all you really want to know, keep reading. Acceptance letters usually contain other important pieces of information that you need to know:

Acceptance deadline—The most important piece of information is the acceptance deadline, which is the date you need to either accept or decline the offer of admission.
Date the deposit is due—If you accept the college's offer, look for the date the deposit is due and make sure your parents are aware of it.
Date your final transcript is due—The college you choose will need your final high school transcript, so look for that due date and work with your high school counselor to make sure it's sent on time.
Additional details—The acceptance letter may also request additional forms that you need to complete and may include information about housing, meal plans, and freshmen orientation.

Take the time to read your acceptance letter thoroughly, then reread it. You don't want to miss a deadline that could jeopardize your enrollment.

And don't forget, if you have any questions, call the college's admissions office; they'll be happy to answer your questions.

How NOT to Choose a College

Once you receive your acceptance letters, it's time to decide where to enroll. Your family, friends, and school counselor have probably given you advice on how to choose a college; we've compiled some tips on how NOT to choose your college:

Your parents went there.
Your boyfriend or girlfriend is going there.
It has a party reputation.
It has a good football team (or basketball team or hockey team, etc.).
The tuition is low.
You visited only that college and didn't look anywhere else.
The college has a prestigious reputation.
You're convinced that it's the only school where you can be happy.
It has the academic program you're looking for, so the campus atmosphere doesn't matter.
None of the academic programs excite you, but the social life is outstanding!

Career Highlight: Forensic Accountant

If you enjoy a good mystery and like to unravel plots and schemes, forensic accounting may be the right career for you. The crime-fighting life of a forensic accountant is light-years away from the "bean counter" accounting stereotype.

Forensic accounting is the practice of using accounting, auditing, and investigative skills to assist in legal matters. It includes both litigation support and investigative accounting.

Litigation support—This is the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accountant measures damages sustained by parties involved in legal disputes and can help resolve disputes before they reach the courtroom. If a dispute makes it to court, the forensic accountant may testify as an expert witness.
Investigative accounting—This is the act of determining whether a crime was committed. These crimes may include employee theft, securities fraud, identity theft, insurance fraud, and falsification of financial statements. The forensic accountant may recommend steps to take to minimize future risk. Investigative accounting may also be needed for civil matters that don't involve crimes. For example, the forensic accountant may search for hidden assets in divorce cases.

Forensic accountants work in public accounting firms, corporations, banks, and insurance companies and in all branches of government (from the FBI and CIA to the local offices). You must have a bachelor's degree in accounting; certification as a CPA (Certified Public Accountant), CFE (Certified Fraud Examiner), or CFA (Certified Forensic Accountant) may be required.

Explore any or all of our websites. You'll be glad you did!

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YouCanDealWithIt.com gives you the real story on money, student loans, and life.

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