For many college students, paying for school involves a combination of scholarships, grants, loans, and personal savings. Fraudsters can exploit the financial stress of of students using scams related to tuition assistance and student debt.
Scholarship Scams
One common scam involves fake scholarship opportunities. Students may receive emails or phone calls claiming they've been selected for an scholarship, but must first pay an application fee, processing fee, or membership fee. Legitimate scholarships do not guarantee awards in exchange for payment.
For example, NW Plus offers the Scholarship+ scholarship opportunity to members and children of members. This is a legitimate scholarship opportunity that NW Plus encourages you to apply for, but NW Plus will never ask for any application, processing, or membership fee to accept their scholarship.
Student Loan Forgiveness Scams
Another growing threat involves student loan scams. Fraudsters may promise loan forgiveness, debt elimination, or special repayment programs in exchange for personal information or upfront fees. In many cases, scammers are simply attempting to steal personal information or gain access to financial accounts.
Other Common Scams
Students should also be cautious of urgent messages claiming there is a problem with tuition payments, financial aid applications, or enrollment status. Scammers try to create a sense of urgency to pressure victims into acting before they have time to verify the information.
Before responding to any financial request:
- Verify communications through your school's official website or financial aid office.
- Never pay fees to claim scholarships or grants.
- Do not give anyone your online banking credentials or debit card information.
- Research organizations before providing personal information.
- Take time to verify unexpected requests, especially those involving money.
Monitoring your finances is another important step in protecting yourself. NW Plus members have access to Credit Sense, a free tool that offers your TransUnion credit score and credit report information. Credit Sense can help you identify suspicious activity, monitor changes to your credit profile, and stay informed about your overall financial health.
The transition to college brings many new financial responsibilities. By staying informed and using all available tools, students can feel secure, empowered to keep themselves safe, and stay focused on their education.
Never share your account number, passwords, answers to security questions, or other account information. We will never ask you for this type of information when we call or email you. If someone claiming to be a NW Plus CU representative asks for sensitive account information over the phone or in an email, end the conversation immediately, and call us at 425.297.1000 or come to one of our branches to report the incident.
