If you're a college student, or the parent of one, and you get a call about an unpaid tuition bill, hang up the phone! It's likely a scam.
It's the start of the fall semester and it can be a hectic time for college students and their parents. But you don't want to let your guard down, because scammers are targeting families this back-to-school season, instilling fear and confusion to trick you.
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Scammers may pretend to be someone from the school's financial aid office or billing department, according to The Federal Trade Commission. They may claim that financial aid fell through and that your child's classes may be dropped if the full tuition balance is not paid right away.
But don't fall for it.
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"The scammer is going to say that they need to pay it with cryptocurrency or with a payment app or wire transfer like Western Union or MoneyGram," said Terri Miller, a consumer education specialist from the FTC's Bureau of Consumer Protection. "That's not how a legit college would have you pay your tuition and fees. A business like a college is not going to rush you to pay them right away."
If you get a call like this, don't panic, just hang up the phone immediately.
Don't trust the caller ID. Scammers can imitate phone numbers to make it appear like they're calling for a legitimate company or institution.
Check the tuition balance yourself. Most schools have an online portal where parents can view their bill and make secure payments.
If you do have questions about what you owe, call the financial aid office using the phone number posted on the school's website.
And if you still aren't sure, you or your college student can visit the school's billing department or financial aid office in person and speak to someone there.
If you or someone you know has been targeted in this scam, the FTC urges you to report the incident here.
