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College financial aid warning issued

There's a warning out against possible college scholarship schemes. There are legitimate sources of cash for college out there. But some scholarship offers may not be what they seem.

Financial aid professionals say parents and students lose hundreds of dollars every year in scholarships scams.

Vicki Hendrickson: "Red flags would be if there is a fee. If they have a fee don't participate you should never have to spend more than a postage stamp to apply for a scholarship."

Here are some other things to look out for...guarantees -- no one can guarantee you'll win a scholarship. Don’t give out personal information; you could leave yourself open for identity theft.

And use free resources like your high school or college financial aid office. They'll help you track down scholarships and loans for free.
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