Chapter 23. Education scams

Scholarship scams

Unless you’re careful, trying to find the money for higher education can put you at risk of being scammed. You may be encouraged to pay a fee to apply for a scholarship that you never receive. People often think that they merely have not won the scholarship—not that they have been scammed out of their money.

You may apply for an educational loan that carries a particularly low interest rate. However, there is one catch—you have to pay an advance fee to apply for the loan. Unfortunately, you never receive the promised loan, but you do manage to lose your advance fee. Any fees that may be required for a legitimate educational loan are deducted from the money you receive from the lender. You don’t have ...

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