Despite all of the stories to the contrary, there are probably numerous honest people selling used cars. The same can't be said about people who claim to be able to help families, for a fee, increase the amount of college financial aid they will receive.
One financial aid organization believes these scammers defraud families out of more than $100 million dollars a year.
Because college costs scare nearly all of us, and because many people do not realize that there is money available to help them send their children to college, these scammers have found it very easy to find and exploit their victims.
The first contact between the scammers and their potential victims is a letter offering expert advice and assistance.
The letter doesn't look like typical junk mail. The logo often looks like that of an Ivy League college, and the letterhead and paper are generally on fairly high quality paper. Like the con men behind them, the promotional materials look credible.
The letters almost always begin by frightening families about the high cost of college.
After a few sentences of doom and gloom about the high cost higher education, the sales message begins. We can help you get more in scholarships and financial aid, they say. We can tell you what colleges don't want you to know, they say. Work with us, they tpromise, and you won't have to be concerned about college costs.
The letters are not always the same, but one element is. They invite you to come to a hotel function room or other reasonably large venue to learn more about financial aid and scholarships, at no cost. Sounds like a no-brainer, right? If you think so, think again.
The meetings are run by well- practiced pitchmen who tell families they have the special knowledge and experience required to shake the most money off of the financial aid and scholarship trees. In reality, they want to sell you services and help which are readily...that's right, readily... available elsewhere. At no cost.
The initial presentation is followed by an individual meeting with a high pressure salesperson who uses a well-formulated approach...like those of the very worst car salespersons...developed to collect up to $2,000 and a signed contract from families before they have had too much time to think about it.
Don't be the victim of financial aid con men (and women). There are lots of good websites offering free scholarship searches and financial aid advice. And, high school counselors and college financial aid counselors will gladly give you advice and answer your questions. There is no need to turn elsewhere.
