Don’t fall for these financial aid scams

Local News

 Scammers are targeting students by pretending to be advisors, promising financial coverage packages in exchange for money. While this seems appealing, experts say this is not a valid form of financial aid.

“So what they’re trying to do they try to get as much information from their own identity whether it’s their personal information, open up different types of accounts under their name or try to use the information to try to swindle them out of money or try to open various accounts in their name as well,” said Kelsey Young, Honolulu Federal Credit Union, Moiliili Branch Manager. 

Young says a red flag to look for when applying for financial aid or scholarships are offers that are too good to be true.

“Anything that guarantees you money or says you need to go ahead and pay a small fee, we’ll give you x amount of dollars. These are things that you don’t have to do,” said Young.

Keeping students educated about reliable resources is one step to avoid falling victim to this scam. Speaking to peers and college counselors as well as doing extra research.

“So for parents they could do additional research, look at the organization, verify if this is legitimate company or seminar, see if there’s any reviews on them, dig a little bit deeper,” said Young. 

If you have a concern or are interested in becoming an Action Line volunteer, give us a call Monday through Friday at 591-0222. You can also send an email to ActionLine@khon2.com. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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