In most cases, consumers end up with nothing but hefty credit card bills or depleted checking accounts. Many fraudulent companies claim that there are billions of dollars in unclaimed student aid available each year through private funding sources. The scam artists claim to have the ability to tap into those funds. The funds went unclaimed because they couldn't be used. Be advised that less than one percent of financial aid awarded each year comes from the private sector.
Most financial aid comes from the government or from schools.
Another common ruse is the guarantee that money is available for pre-qualified students who pay an advance fee. Students are frequently asked to provide their checking account number to confirm their eligibility for an award. Then, they find out that large sums of money have been debited from their accounts. All rights reserved.