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Suspect Ambiguous Affiliations
Students and parents should be aware of sites that dispense information without being upfront about how the site is funded. For example, some sites distributing loan information do not clearly note that they are being funded by a specific lender, and may link students toward certain products or services of that lender. NASFAA found several sites that provided information about student loans, only to be directed to a specific lender which was providing funding or sponsorship with that site inconspicuously.
NASFAA does not object to any entity, public or private, educating the public about federal, state, and other financial aid programs via the Web as long as that entity unambiguously states their purpose and affiliation on the Web site. When accessing a Web site, students and parents should identify the source of the site and, if possible, any affiliations that source may have that could bias the information the site contains.
Scholarship and Phishing Scams
There are a staggering number of scholarships available to students with qualifications ranging from culture to academic performance. However, families should be cautious about any scholarship site that requires up front fees for scholarship searches or matches. More often than not, scholarship Web sites that require up front fees, take the money and then offer little in return. Some scholarship sites operate as for-profit companies, using up front fees to award small scholarships to few students.
Even more dangerous are emails sent directly to students congratulating them for being eligible for some unknown scholarship that will not be disbursed until the student pays a fee. Any legitimate form of financial aid that requires administrative fees (i.e., student loans) are paid out of the disbursed funds, not out of the hands of students prior to disbursement. Parents and students should be wary about paying fees to redeem any scholarship that may not materialize.
Web Sites You Can Trust
The financial aid process can be complicated and daunting even without having to discern between correct information and false and/or misleading information. Although these are not the only sources of accurate student aid information on the Internet, NASFAA suggests that students, parents, and counselors use the following Web sites that provide accurate information:
Of course, there are other reputable sites that are maintained by student aid lenders, guarantors, and other financial aid partners that contain useful and accurate financial aid information. This list is mentioned as a starting place for students and families. What is important is that you understand who is providing the information, and remain aware that some groups may have an interest in providing information in a certain light, or linking you to certain lenders.
The best source of information is the financial aid office. Financial aid administrators are most familiar with federal, state, local and institutional aid and have the ability to accurately determine the needs of each student based on his or her unique circumstance.
"Financial aid administrators are most familiar with federal, state, local and institutional aid and have the ability to accurately determine the needs of each student based on his or her unique circumstance," said Dallas Martin, president of NASFAA.
Financial aid administrators spend countless hours in training, learning the ins and outs of state, federal and institutional financial aid programs. Financial aid administrators are also bound by laws, rules, and regulations and adhere to strict guidelines which give them a clear understanding of what can be done to help every student who needs financial assistance.
"No one has a more vested interest in seeing a student succeed than the school itself," said Martin. "Students and families should know that they can trust the financial aid office to give them the most comprehensive and up-to-date financial aid information to help them reach their postsecondary goals."
