Released: August 15, 2007

Scholarship scam warning

Source: Herb Weissbaum, MSNBC

College costs are staggering. According to the College Board, the average annual cost (tuition, fees, room, and board) of attending a four-year public college is nearly $13,000. For private schools, the average cost is more than $30,000.

This is the time of year when families scramble to assemble the funds to pay for the fall semester. “People are desperate for money,” says Jim Boyle, president of College Parents of America. “They’re looking for help wherever they can find it, which makes them especially vulnerable to scholarship scams.”

The National Council of Better Business Bureaus warns college-bound students and their parents to be wary of financial aid fraud. “There are companies out there that will promise big bucks for college,” says spokesman Steve Cox, “but ultimately they take your money and leave you with nothing.”

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