If you have a child applying to colleges this year, beware the scholarship scams.

You may receive a pitch saying your child is guaranteed a scholarship or you'll get your money back. All you have to do is send them a fee of $50 to $1,500 and they'll do all the work.

And what kind of scholarship info will you get for your money? The same info you can find in a book costing much less, or for free online on websites like www.finaid.com and www.nasfaa.org, which is run by the National Association of Student Financial Aid Administrators.

If you've been contacted by one of these scam firms, you'll be pressured into giving out your credit card or bank account number to hold the scholarship for your child. Don't do it, it's a big red flag.

Whether you're contacted by mail or e-mail, decline the invite. The money you waste on this could be used to help pay for your child's college.

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