Scholarship and student-loan-payment scams
How they work: In a loan scam, the criminal might call to say he or she can discharge your loan for a fee, or can get you a lower interest rate. The goal typically is to get your personal information, Weisman says, “because that kind of data is very, very valuable,” although sometimes you’ll be asked to pay a fee for their services.
Teens are probably more likely to be targeted by fake offers of scholarships, Weisman adds, where the scammers often are seeking money, in the form of upfront fees, rather than personal information. An email, letter, social media post or text will show up — sometimes personalized with the student’s name — saying you’ve been selected for a particular scholarship or financial aid package, the FTC warns: “Sometimes, there’s a callback number or details about an in-person workshop at a local hotel,” the agency notes, where they’ll hit kids with high-pressure sales pitches and requests that they pay for their services immediately or miss out.
Others will offer to handle student loan paperwork for a fee, then will fill out the Free Application for Federal Student Aid (FAFSA), sometimes with false information, the FTC says.
“Only you and your family can complete your FAFSA — which is always free to fill out and…
