Scholarship & Student Loan Scams
College costs are rising. Looking for a loan? You’re not alone.
- 84% is lost in scholarship scams every year
- 66% of first-year students receive financial aid of students apply using Free Application for Federal Student Aid (FAFSA)
Be wary of the information you share, and where.
- Over $100 MILLION is lost in scholarship scams every year
- 53% of students who try to get a private loan have reported receiving fraudulent loans
- Source: FTC
Protect Yourself
- Never share FAFSA information
- Only solicit loans from companies identified by the Department of Education
- Never pay to apply for college scholarships
Report Scholarship Scams
- Federal Trade Commission https://reportfraud.ftc.gov
- U.S. Department of Education https://www2.ed.gov/about/offices/list/oig/hotline.html
- Federal Student Aid Information Center (FAFSA) https://studentaid.gov/feedback-center
For more information, visit aba.com
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