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

For more information, visit

Click to continue learning with the American Bankers Association (ABA).

Illustrations show a stack of books, a money bag, and some coins