Categorized | Business

Financial Aid Tip of June 2015

Star Staff Reports

money-graphic-2Don’t be taken in by something that sounds too good to be true

Parents of college-bound students often hear from companies that promise to help them find financial aid to pay for college. But families don’t have to pay for this kind of information, according to KHEAA.
That information can be obtained free by working with a school counselor, checking out sources in the library, doing free online scholarship searches or contacting the financial aid office of the college the student plans to attend.
If you decide to use a company to help you find financial aid, make sure you’re dealing with a reputable one. The Federal Trade Commission cautions students to be especially skeptical about scholarship search companies and websites that make these claims:
·“You’ve been selected by a national foundation to receive a scholarship.” Check with a school counselor to find out if the foundation is legitimate. Be especially wary if you’re notified that you’re a finalist in a scholarship contest you didn’t enter.
·“We’ll do all the work.” It’s highly unlikely that the company will fill out all the applications for all the financial aid sources it sends you.
·“I just need your credit card or bank account number to hold this scholarship.” Never give these numbers to a person or company you’re not sure about.
·“You’re guaranteed to get money for college or your money back.” Read the fine print. If it sounds too good to be true, it probably is.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA provides the ThinkAhead Net Price Calculator to universities and colleges. The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA.
In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information about Advantage Education Loans, visit www.kheslc.com.

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