Tuesday, October 31, 2017

How to Avoid College Scholarship Scams

BBB warns students, parents of college financial aid scam




The amount of financial aid available to pay for college has drastically reduced over the past two decades. Due to the 2008 recession many banks are no longer offering student loans or are reducing the amount of student loans offered. Many prospective college students and their parents fall victim to college scholarship scamps. Here are eight smart ways to avoid being a victim of college scholarship scams.

Apply
Apply to at least five colleges. Be sure at least one selection is a state college. Apply every year for the FAFSA at fafsa.gov.

Fees
Legitimate college scholarships do not require paying a fee.

Reputation
All profit and non-profits companies can be Google searched to ensure their legitimacy or searched with the State Attorney General of Office of State Secretary.

Words
Signs of college scholarship scams include using words such as “guaranteed” or affiliated with a government agency or “promises you a scholarship”, high success rates, quotes of unclaimed or unused financial aid.

Location
If the address includes a P.O. Box or Mail Drop in the address it is probably a scam. If the company cannot be found online it is probably a scam. If no phone number is provided or when called you are unable to get valid answers to your questions it is probably a scam.  

Search
Use the Federal Student Aid Information Center to search for a list of known scholarship scams.

Criteria
If there are no specific criteria and everyone is eligible to receive a scholarship it is probably a scam. If you are told the scholarship will be applied for on behalf of you (the student) it is probably a scam.

Personal Information
Requests for personal information such as credit card number, bank account number or SSN it is probably a scam.


Friday, October 27, 2017

National Scholarship Month


  Eastern Oklahoma State College | Scholarships

November is National Scholarship Month and highlights the importance of using scholarships to pay for college. College tuition costs outpace the cost of inflation. Students can spend anywhere from $10,000 to $60,000 or more per year. The first two years of college are the most expensive. College tuition costs include your intended major, size of the school, location, school environment, college expenses, financial aid available, sports/extra-curricular activities, and the type of school. Here are four easy ways to save for college tuition.
Plan Ahead
Save money for your college tuition to help offset expenses. Save money earned at summer jobs and money received from birthday and Christmas gifts for college tuition. Talk with your parents early on about college tuition and expenses to find out if your parents will pay or if you will be responsible for paying for college tuition.

Financial Aid
Talk to your school counselor and the prospective college financial aid office about available options. Apply for the fafsa.gov. Apply for at least 50 to 100 scholarships to ensure you have enough money to cover tuition costs.

Ask for Help
Talk to current or former college students who received scholarships and ask for advice on how they obtained scholarships.

Extracurricular Activities
Participate in extracurricular activities which will help increase your chances of getting accepted into a college and increase your chances of getting approved for college scholarships.

Monday, October 23, 2017

Are Warranties Worth the Money



The gallery for --> Extended Warranty Icon

Every time consumers purchase products they are bombarded with requests to buy a warranty. Most products come with a standard manufacturer’s warranty. For computers, cell phones and electronic devices warranties usually last one year from the date of purchase.

Companies use aggressive tactics to lure consumers into buying warranties. Unfortunately many consumers do not read or understand the warranty and many pay for extended warranties that are not needed, never used or not worth the money.

If you make a purchase such as a home, auto, computer or television, if you are accident prone, if you are a business owner, if you use a product daily for personal or business usage, or if you do not have the money to purchase a newer model consider purchasing a warranty or extended warranty.

Studies and surveys such as those from Consumer Reports have found that most products do not malfunction during the standard warranty or contract period. If the product does, the repair cost is either the same or a few dollars more than the cost of the warranty. If you have a warranty or are considering purchasing a warranty, here are some fantastic ways to evaluate warranties to determine if they are worth the money.

Check the Cost
The cost of most extended warranties range from 10% to 20% of the product sales price. Warranties that cost more than that are too expensive. For example, a $20 extended warranty on a $60 George Forman grill is not worth the cost. However a $150 warranty on a $1,900 computer is a more reasonable purchase due to the product complexity. The warranty cost is 7.8% of the total price and covers the cost of replacing parts.

Jan Rogers Kniffen, CEO of J Rogers Kniffen WWE, LLC, a consulting firm in the retail sector believes that warranties are not bad; they are just expensive. "You as a consumer will price comparison shop for the TV, but once you are buying the TV you will not price comparison shop for the "gold plated" HD cables, or the extended warranty, so the retailer has the opportunity to make a healthier profit on those items."

Research the Company
Research the company using sites such as the Better Business Bureau or perform a google search “company name and negative reviews” to get feedback on the reputation of the company.

Ask for Referrals
Ask relatives, friends, colleagues, neighbors or business partners for referrals for warranty companies.

Compare Plans
Compare plans when purchasing a warranty. Determine what is covered and what is not. Identify guidelines and restrictions, the location of authorized service providers, the location of the nearest service repair shop and repair costs.

Consider the Duration
Consider how long the warranty will last. Warranties vary in duration. Some last a few months while others may last for 2-5 years depending on the type of item purchased.

Determine Repair Costs
Determine if technicians are hired on behalf of the customer of if the customer can select their own. Determine if the company will charge a service fee, if the product has to be delivered to the retailer or to an authorized service provider for the repair and if shipping costs will be charged. Document all communications with the company and ask for confirmation letters of all conversations or agreements.

Understand the Language
Some warranties such as home warranties are marketed as warranties but are actually service contracts that insure against the repair of products such as plumbing, appliances, or electronic devices. Call the company to ask for clarification or check their website for additional information. In addition, read the warranty information that was provided when the item was purchased.

Use Insurance
In some instances an insurance policy may be used to cover expensive repairs instead of a warranty. Warranties should be used for repairs you can pay for on your own. Insurance should be used for repairs you cannot afford to pay for on your own. In addition, warranties may not cover expensive repairs.

Verify Coverage
You may already be covered. Many credit card companies provide warranties or extended warranties for purchases made with a credit card from one year from the date of the purchase. Verify the warranty coverage to avoid purchasing double coverage. Some extended warranties overlap manufacturer warranties so make sure the extended warranty coverage begins when the warranty coverage ends.

Determine the Product Life Span
Compare the age of each item covered in a warranty versus its average life span. For products such as cell phones which issue new versions every one or two years and quickly depreciate in value, purchasing an extended warranty does not make financial sense.

Check the Cancellation Policy
Determine if the warranty has a cancellation policy, determine the terms and the cost of cancelling early if the warranty was purchased along with the product.