As an Asian Student planning a post secondary education in the United States, foremost on your mind is exploring ways to finance your future.  This can be a daunting task and it is important to be aware that scams exist.  There are those who will offer access to scholarships and other financial services that are designed solely to take advantage of the unaware.  There are a number of ways to spot a scholarship scam and a few items that should ring the alarm bells in your mind.

The first of course is payment of an upfront fee.  If the scholarship is legitimate, they will not require an upfront fee.  In most instances, these organizations are not acting in your best interests and will simply pocket your money and you will never hear from them again regardless of the Guarantees which aptly brings me to my next point. 

Never trust a company that offers a Guaranteed Scholarship since reputable companies will never make this type of claim.  If this guarantee is combined with an upfront fee then I strongly suggest running in another direction. It is important to note that these are not limited to Scholarships and may also extend to Student Loans as well.

In some instances, companies will request the student to pay Loan Fees.  I strongly suggest that you be suspicious of any company that requests fees prior to releasing the money.  Legitimate Loan Companies will add the fees to your loan will be paid back over the period of the loan. 

Remember, scams often give themselves very “Official” sounding names that are designed to instill trust.  Be sure to do your due diligence and research the organization thoroughly.  Search for references, ensure they are accessible, learn where the company is registered and check their reputation with consumer groups such as the Better Business Bureau in North America.

Be certain to take a look for further information on the subject and remember, most non-US citizens do not qualify for Federal financial aid.  If you are aware of scams or have been a victim I would love to hear your story.

Christian Murphy