Should I Pay A Company, Or Someone, To Search For Scholarships For Me? Avoiding Scholarship Scams: JR’s Daily Two-Minute Financial Aid Tip


This is episode 20, and today we are answering the question, Should I Pay A Company, Or Someone, To Search For Scholarships For Me?

A listener recently asked me via the my blog about a scholarship service mailing he received from a a national scholarship search service that guaranteed him at least one scholarship. When I hear about claims like this, my BS detector always goes kicks into high gear.

Scams are everywhere, so to help protect parents and students, the following are some claims people should be aware of and immediately dismiss.

Claim 1: Millions of Scholarships Go Unclaimed Each Year – there is no such thing as unclaimed scholarships: After literally 12 years of doing this, I can tell you that every dollar out there gets used. Even if only a few people applied to a small scholarships, these funds tend to award every dime to the ones who did apply. If you hear this claim, you know its bunk.

Claim 2: We Guarantee You Will Win A Scholarship – No one can guarantee what a third party does, let alone a not-for-proit organization. So many factors go into winning a scholarship that a guarantee is impossible. If you read this, immediately close the webpage or throw away the mailer. Its garbage anyway.

Claim 3: Our List of Scholarships Are Unique and Ones Few Know About – Have you ever heard of a scholarships fund that doesn’t want people to know it is out there? Honestly, how many scholarships do you believe are staying in the shadows just waiting for the right people to apply? Scholarships are designed to be awarded, and a large applicant pool is something all funds look for. Their lists of unique scholarships are usually junk, or can be found with a simple search or reading of a scholarship listing book.

With the high cost of education, families that are desperate will often hold onto whatever hope is dangled in front of them. However these scams will do nothing but leave your wallet a bit lighter and your time wasted. Count on no one to find apply for, and help you win a scholarship but yourselves.

Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan. Thanks for listening to JR’s Two Minute Financial Aid Tips at www.collegemoneyman.com.

The College Money Man Podcast, and JR’s Two Minute Tips are available for subscription for FREE via iTunes, and Stitcher. New episodes of 2-Minute Tips are released everyday Monday thru Friday, and our weekly broadcast is released each Wednesday. Subscribe, like, and comment! Download and get your dose of financial aid help on the go.

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