How To Identify a Fake Scholarship

Fake Scholarships can be presented in different ways. If you encounter a scholarship scheme with a suspicious strategy, be alert and careful of such scholarship scams.

If you are sure the Scholarship is fake, report it. At times, a fake Scholarship can stay for a very long time before it’s detected. Only a few people are bold enough to report such issues, even when they know they have been scammed.

It’s important you report such scams to prevent others from falling into their traps. Before you apply for any Scholarship, take your time to go through the details properly. Below are some red flags to look out for.

Common Scholarship scams to look out for

1. The advance-fee loan.

They offer you a scholarship loan at shallow interest, demanding that you pay a certain amount before receiving the Scholarship. After paying the money, the scholarship you were promised never comes to reality. You keep waiting until you realize it is nothing but a scam.

Legitimate scholarships collect their charge fee from the money they give out. They won’t request an advanced payment or levy you. If a well-known bank does not give you a loan, know it’s a scam. You can also consult the bank for confirmation.

2. The scholarship prize.

This particular one sends you a message that you have received a scholarship, but you have to pay a disbursement fee before being given the money. Most of the time, you might not even apply for it, so if you receive a scholarship with such claims, be careful and don’t respond immediately.

Often, they send you a cheque of the same price or above the price.

You will be asked to send a disbursement fee in return, after sending it when you try to cash the money the cheque bounces back.

3. Scholarships that never materialize.

Many Scholarship scams ask you to make a payment in advance, but they never provide anything in return. Most people who fall into this trap forget about the money they pay because they didn’t win.

4. Scholarships for profit.

This one appears like a genuine scholarship offer, but it requires an application fee. They get about 6,000 to 12,000 people who apply for it, and they are charged $6 to $25.

They can quickly pay a $1,000 scholarship or more and also make a considerable profit from the balance. That’s if they give scholarships at all. The possibility of winning such a Scholarship is slim, so you don’t need to venture into it.

5. The guaranteed scholarship search service.

Avoid any Scholarship that promises you a Scholarship and will refund your money if it doesn’t work. They will likely collect your money and run without leaving a trace of their whereabouts. They might even send you a scam-matching Scholarship to get you in completely.

6. Investment required for Federal Loans.

Some insurance companies and other companies offer free financial assistance to promote insurance sales, investment products, and annuities.

It simply means that when you purchase such products, you stand a chance of winning scholarship grants or other government aid. This system goes against federal government rules and regulations on insurance.

Sometimes, you might be invited to a seminar in order to receive government financial aid. But they are just disguised means of advertising their products or insurance.

7. Paying money upfront as an “application fee”

Any Scholarship scheme that requires any payment in advance, stating it is for application or processing, knows it’s fake. There’s no genuine Scholarship that asks for money in order to receive a scholarship.

The only thing you might be charged for is the mailing of applications. Nevertheless, they prefer to send them online. It’s usually a small fee that ranges from $3 to $14. However, the price might be more than this.

8. Sponsor guarantees scholarships

If you are offered a scholarship after making a certain amount of money, be rest assured that you won’t receive such an offer. If you ever get a scholarship on this condition, it’s never going to be real; it is fake.

Real Scholarship has some criteria and requirements that must be met before you can be offered. These criteria include grade, skill, experience, average, volunteer service, etc.

if you don’t meet the requirements, you won’t be offered the scholarship. This automatically implies that you don’t have to pay anything to receive a scholarship. If you mistakenly pay for it, don’t expect to get it back.

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9. You are told that the scholarship is for everyone

It is never possible for a scholarship to be accessible by everyone, that’s a flag it’s fake. Every scholarship has requirements that applicants must meet. If you come across any Scholarship that’s open to everyone, just run away from such a Scholarship. The accurate Scholarship schemes never award everyone who applies.

10. You receive a scholarship you never applied for

Most of the time, people receive notification of a scholarship offer they have never applied for. This is a tactic those scammers use to extort money illegally.

When you receive a notification or call saying you have been offered a scholarship you never applied for, be careful. Don’t rush to accept whatever they tell you; just ignore them. Often, they request an acceptance fee or a disbursement fee. They might give you an unclear message about the Scholarship.

11. You are asked to submit personal information over the phone

If you receive any such message requesting you give them your personal information over the phone, quickly hang the phone. They only want to get info about the bank details they use for their illegal transactions.

When you receive a scholarship, you won’t be asked for your bank details at the point of application, such as your bank card number or bank security code.

12. Promised access to the exclusive scholarship information

If you are told you will receive information on Scholarships in exchange for your details, it’s a warning signal. A Scholarship scheme that does this is a scam. Schools and government are the most vital units for awarding Scholarships.

They have full information about their Scholarship grants and organization. You can access their site or send them an email to clarify any information you see. They are more sincere and explicit.

Signs of Fake Scholarships

1. They usually request 100 characters or less for the Scholarship essay.’

2. They often make use of terms like “drawing”, “sweepstakes”, or “random selection”.

3. There are no criteria apart from the personal information they demand.

4. They may request your bank code or social media password.

5. They give empty promises to pay you weekly or monthly.

Conclusion

With these tips, you won’t be a victim of Scholarship scams. Just take note of these signs before you go ahead and apply for that Scholarship. I am sure you wouldn’t want to waste your money. Good luck!

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Originally posted 2022-05-17 11:04:22.