Skip to main content
United States flag An official website of the United States government
Alerts

Alerts

Español
MyCreditUnion.gov
Credit Union Locator | COVID-19 (opens new window)
Menu
Credit Union Locator | Español | COVID-19 (opens new window)

Main navigation

  • Consumer Assistance Center
    • Find An Answer
    • Complaint Process
    • Forms
    • Portal Log-in (opens new window)
    • Contact Us
    • Fraud Prevention Center
      • Fraud Alerts
      • Fraud Resources
      • Frauds & Scams
      • Identity Theft
      • Online Security
    • Information for Credit Union Members in Areas Affected by Hurricanes
  • Share Insurance
    • Share Insurance Estimator
    • Share Insurance Publications
    • Share Insurance Videos
  • About Credit Unions
    • How is a Credit Union Different than a Bank?
    • Credit Union & Bank Interest Rate Comparison
    • Credit Union Products & Services
      • Checking & Credit Cards
      • Saving & Investing
      • Consumer Loans
      • Mortgages & Home Ownership
      • Direct Deposits & Withdrawals
      • Money Transfers
      • Online & Mobile Banking
      • Mobile Payments & Mobile Wallets
    • Find, Join or Start a Credit Union
    • Credit Unions in Schools
    • Low Income Credit Unions
    • Minority Depository Institutions
    • Historical Timeline of Credit Unions
      • History of NCUA Video
    • Credit Union Locator
    • When a Credit Union Closes
  • Life Events
    • Planning for the Unexpected
    • Understanding Your Benefits
    • Car Buying & Ownership
      • Buying a Car
      • Buying a Used Car (opens new window)
      • Leasing a Car
      • Car Shopping Resources
      • Why Reading Disclosures is Important
    • Going to College
      • Cost of Education
      • Student Life
    • Consumer Loans
      • Payday Loans
      • Payday Loan Alternatives
      • Personal Loans: Secured vs. Unsecured
      • Home Equity Loans & Lines of Credit
      • Credit Reports & Credit Scores
      • Understand Your Credit Card Statement
      • Credit & Your Consumer Rights (opens new window)
      • Why Reading Disclosures is Important
      • Rights for Servicemembers & their Dependents
      • Consumer Loan Calculators
      • Consumer Loan FAQs
    • Home Ownership
      • Finding the Right Home
      • Buying a Home
      • Owning a Home
    • Checking & Credit Cards
      • Checking
      • Credit Cards
      • Electronic Banking
      • Protecting Your Financial Information
    • Dealing With Debt
      • Debt Consolidation Options
      • Paying Off Credit Cards
      • Credit Counseling & Debt Relief Services
      • Dealing With Debt Collectors
      • Debt Settlement & Debt Elimination Scams
    • Saving & Investing
      • Start Your Savings
      • Power of Dividends
      • 54 Ways to Save (opens new window)
      • Youth Savings Infographic (opens new window)
      • Planning for the Unexpected
      • Introduction to Investing (opens new window)
      • Investment Fraud Resources
    • Retirement
      • Retirement Planning
      • Types of Retirement Plans (opens new window)
      • Required Minimum Distributions (RMDs) (opens new window)
      • Social Security Benefits
      • Delayed Retirement & Second Careers
      • Civil Service Retirement (opens new window)
      • Avoiding Retirement Fraud (opens new window)
      • Retirement Estimator (opens new window)
    • Aging & Managing Finances
      • Reverse Mortgages
      • Long Term Care
      • Prepaid Funerals
      • Funeral Services
      • Scams Targeting Older Adults
      • Preventing Elder Financial Abuse
      • Aging & Financial Decline: Early Warning Signs
      • Elder Abuse Roadmap: Financial (opens new window)
  • Financial Resources
    • Activities & Apps
      • Hit the Road
      • World of Cents
      • Test Your Money Memory
    • Brochures & Publications
    • Calculators
    • Calendar of Events
      • Military Saves Month
      • America Saves Week
      • Federal Credit Union Act
      • Earned Income Tax Credit
      • Financial Spring Cleaning
      • Make a Difference Day
      • Financial Capability Month
      • Back to School
      • Tax Day
      • Tax Identity Theft Awareness Week
    • Servicemembers
      • Financial Readiness Resources
      • Financial Assistance
      • Rights for Servicemembers & their Dependents
    • Glossary
    • Graphics (opens new window)
    • Lesson Plans & Resources
    • Money 101
      • History of United States Currency
      • Understanding the Security Features of Money (opens new window)
      • What to Do if You Receive Counterfeit Money
      • Facts About United States Coins & Currency
    • Personal Finance Worksheets
      • Auto Loan Worksheet
      • Personal Budgeting Worksheet
    • Videos & Webinars

Common College Scams

Banner

Breadcrumb

  1. Home
  2. > Fraud Prevention Center
  3. > Frauds and Scams
  4. > Common College Scams
Print
Share Facebook (opens new window) Twitter (opens new window)
Open/Close Share Panel
Email (opens new window) Pinterest (opens new window)

College students are often the intended targets of scams.

Even the brightest students can become victims of fraud, or loss money to a scam. Fortunately, you don’t have to face life unprepared. A little basic knowledge and a bit of caution can help students avoid falling victim.

Scam Alert

Here are a few of the most common college scams and how to avoid them.


Scholarship Scams

  • Someone called and told me I won a scholarship and they needed my account information to deposit the money. Warning! This is a common scam.

If you get a phone call from someone claiming that they need information to process an application, disconnect the call immediately. It's completely unnecessary for a legitimate scholarship provider to ask you to provide a credit card, bank account or social security number.

You may find a scholarship website with beneficent tools created for the purpose of helping students find financial aid.  However, this could actually be a trap. When cruising the net for financial awards, proceed with caution. A site that asks for personal information should be regarded with suspicion. Many will ask for an e-mail address only to sell that address and pump it full of spam.

  • You don’t have to pay for help finding money for college!

Paying for a service that helps you find or apply for scholarships is rarely beneficial and does nothing you couldn’t do for yourself. Commercial financial aid advice services can cost well over $1,000. Find and apply (opens new window) for as many scholarships as you can on your own.

Remember! Assess each award’s legitimacy before submitting an application.

  • Did you know there is a Free Application for Federal Student Aid (FAFSA) (opens new window)?

Completing and submitting the FAFSA® form is free and quick, and it gives you access to the largest source of financial aid to pay for college or career school. In addition, many states and colleges use your FAFSA data to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.

You can complete the FAFSA at www.fafsa.gov (opens new window), and learn about other FAFSA filing options at www.fafsa.ed.gov/options.htm (opens new window). You also can call 1-800-4-FED-AID.

Learn more about scholarship scams and federal student aid (opens new window) to fund education beyond high school at StudentAid.gov (opens new window).

Social Media Scams

Social media can be addicting. Scam artists have seized this as an opportunity to feed on unsuspecting students.

One such technique involves scammers setting up fake pages for universities and reaching out to the college’s students to acquire e-mail addresses. Phony pages and profiles are created to harvest personal information. This sort of scam means an inbox full of spam or could result in identity theft.

  • To avoid these scams, add only friends you know, limit the information you post online, and be wary of invitations to “like” pages.

Credit Card Rip-Offs

The credit card world is filled with scams, and college students, being new to the credit game, are particularly susceptible.

Be wary of signing up for cards from issuers you’re not familiar with–and not only credit cards, but prepaid debit as well. You risk the chance of relaying information to a phony lender and potential identity thief. And even the card is actually available and functioning, you need to be exceedingly cautious about hidden fees and unreasonable rates.

Know what to expect from a credit card. If you see an APR of 25% or more, or an annual fee of $30 or more, you should be concerned.

Always, always, always read the fine print. Learn to read Schumer boxes –they are your friend.

Don’t Lose Your Identity!

Perhaps the most terrifying scam of the modern age is identity theft. A stolen identity can have devastating results. Imposters can use your information to make unwarranted purchases, open phony accounts and sign up for services you would never in your right mind contemplate utilizing. Avoiding identity theft is simple.

You must follow one rule: guard your personal information, everywhere!

Related Resources

  • NCUA Fraud Prevention Center
  • Cost of Education
  • Student Life
Last updated on 08/09/18
My Life. My Money. My Future.
YouTube (opens new window) Facebook (opens new window) Twitter (opens new window) LinkedIn (opens new window)
NCUA Logo

Official website of the
National Credit Union Administration

(opens new window)

Footer Menu

  • About NCUA (opens new window)
  • Open Government (opens new window)
  • Contact Us
  • USA.gov (opens new window)
  • Site map
  • Office of Consumer Financial Protection
  • Freedom of Information Act (opens new window)
  • Privacy Policy (opens new window)
  • Accessibility (opens new window)
Close popup