Be on the Lookout for Scholarship Scams
If you have a child applying to colleges this year, beware the scholarship scams.
You may receive a pitch saying your child is guaranteed a scholarship or you'll get your money back. All you have to do is send them a fee of $50 to $1,500 and they'll do all the work.
And what kind of scholarship info will you get for your money? The same info you can find in a book costing much less, or for free online on websites like www.finaid.com and www.nasfaa.org, which is run by the National Association of Student Financial Aid Administrators.
If you've been contacted by one of these scam firms, you'll be pressured into giving out your credit card or bank account number to hold the scholarship for your child. Don't do it, it's a big red flag.
Whether you're contacted by mail or e-mail, decline the invite. The money you waste on this could be used to help pay for your child's college.
We have a special FREE invitation for you today: Your Money Matters with Ken and Daria Dolan. This email tip-letter is loaded with advice to make your money life simpler and more rewarding—and it’s FREE. Sign up here.
Debt Management
Family & Money
- No Hard Feelings: How to Lend Money to Family and Friends
- Take Advantage of Tax-Free Shopping!
- Unemployment Reaches Six-Year High
Save More
Don't Fall for These Credit Score Myths!
Your credit score is too important to be influenced by second-hand myths! We're putting the most common urban legends to rest once and for all.05:03
 |
 |
|
Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
||
 |
 |
Advertisement
