MADISON, Wis. (WMTV) – As college students get ready to return to campus or set foot in their dorm for the first time, the Better Business Bureau is warning about financial scams to avoid.
“They’re on their own and they’re making their own financial decisions,” said Tiffany Bernhardt Schultz of the Better Business Bureau Wisconsin. “There’s things they need to watch out for too.”
Fake Credit Cards
One of the most popular scams involves fake credit cards.
Many legitimate financial institutions will make offers to students looking to build their credit, but this means fake companies are out there too.
Scammers posing as a bank or credit union are looking to access a student’s social security number or address.
The BBB recommends doing your homework before signing up for a new credit card.
Emails Erasing Student Debt
Another financial scam looks to capitalize on students concerned with looming debt. Scammers may send emails with promises of consolidating student loans or offering grants or scholarships.
“If you’re looking to consolidate your student loans, visit your school’s financial aid office. They can direct you to legitimate choices to do so,” recommends Schultz.
She says if a scholarship or grant sounds too good to be true, it likely is fake.
“It should be a big red flag if somebody is telling you that you’ve won a grant or you’ve qualified for a scholarship and you haven’t applied for it,” Schultz said. “You might just want to ahead and…
