Kentucky Higher Education Assistance Authority
September Money Tips for Students
Parents of college-bound students may be hearing a lot of sales pitches from companies that promise to help find financial aid to pay for college.
There is no need to pay for this kind of information, according to the Kentucky Higher Education Assistance Authority (KHEAA). It can be obtained free by working with your guidance counselor, checking out sources in the library, doing free online scholarship searches or contacting the financial aid office of the college you plan to attend.
If you decide to use a company to help 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 false claims. Examples include:
· “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 could find your credit card maxed out and your bank account cleaned out.
· “This scholarship will cost some money.” Some legitimate scholarships do have up-front fees, but they should not exceed $5 or $10.
· “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.
To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call (800) 928-8926, ext. 6-7372.