Home > Uncategorized > What are some common financial aid scams which students should be wary of?

What are some common financial aid scams which students should be wary of?

Financial_aid_scams

Hey guys … I just answered this question for a reporter working on a financial aid piece and thought I would share. Feel free to add your own answers below.

What are some common financial aid scams which students should be wary of?

One most common financial aid scam is companies that charge money for services that are typically free.  The FAFSA is a common target for this.  Many websites charge students money to submit their FAFSA, even though it is a free federal application (FAFSA actually stands for FREE Application for Federal Student Aid).  Even if these websites are assisting students in completing their application, this assistance can typically be found for free online as well.  More importantly, a FAFSA submitted by one of these websites is much more likely to be flagged for verification, compared to a FAFSA completed electronically on the Government’s website (FAFSA.ed.gov).  Verification means much more work for the student, as they will need to compile tax returns and other documentation, and it could also mean a delay in receiving the financial aid.

I hope this helps!

Kris

iGrad Financial Literacy

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