Fake Scholarships can come in different ways. If you come across a scholarship scheme with some suspicious Strategy be alert and be careful of such Scholarship scams.
If you are sure the Scholarship is fake report it. At times, a fake Scholarship stays for a very long time before it’s detected. Only a few persons are bold enough to report such issues even when they know they have been scammed.
It’s important you report such scams to save others from falling into their trap. Before you apply for any Scholarship take your time to go through their 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 unusually low interest, demanding that you pay a certain amount of money before you can receive the Scholarship. After paying the scholarship you were promised never comes to reality, you keep waiting until you realize it was 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 you are not given a loan by a well-known bank, 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 you can be given the money. Most times 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.
A lot of Scholarship scams will ask you to make payment in advance but they never provide anything in return. Most times those that 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 requests 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 easily pay a $1,000 scholarship or more and also make a huge profit from the balance. That’s if they give scholarships at all. The possibility of winning such a Scholarship is very slim, so it’s better you don’t venture into it.
5. The guaranteed scholarship search service.
Avoid any Scholarship that promises you Scholarship and will refund your money if it doesn’t work. They are likely to collect your money and run without leaving a trace of their whereabouts. They might even send you a scam matching Scholarship just to get you in completely.
6. Investment required for Federal Loans.
Some insurance companies and other companies offer free financial assistance which is done to promote sales of insurance, investment products, and annuity.
It simply means 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 other 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 is for application or processing knows it’s fake. There’s no genuine Scholarship that asks for money in other 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. Although the price might be more than this.
8. Sponsor guarantees scholarships
If you are offered a scholarship after making any 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 they look at 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. Which automatically implies that you don’t have to pay any amount 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 applicants must meet up with. If you come across any Scholarship that’s open to everyone, just run away from such a Scholarship. The real Scholarship schemes never award everyone that applies.
10. You receive a scholarship you never applied for
Most times people receive notification of a Scholarship offer that they never applied for. This is a tactic those scammers use to extort money illegally.
When you receive any 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 for 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. All they want is to get info about your bank details which they use for their illegal transactions.
When you receive a scholarship you won’t be asked for your bank details such as your bank card number, or bank security code at the point of application.
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 strongest 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 be clarified on 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 your 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.
With these tips, you won’t be a victim of Scholarship scams. Just take note of these signs before you go ahead to apply for that Scholarship, am sure you wouldn’t want to waste your money. Good luck!