Students applying for financial aid targets of fraud

Mount Royal University students will be staging a rally at Premier Redford's office in Calgary to protest budget cuts for Alberta's post-secondary institutions handed down in March.

The Better Business Bureau is urging post-secondary students to use caution when applying for financial aid and has a few tips to help people identify red flags and avoid scams.

Canada’s Anti-Fraud Centre says in 2012, Albertan’s lost over $6M to scammers posing as legitimate foundations offering scholarships and awards.

About 1,500 victims in Alberta were adults between the ages of 20 to 29, with a reported loss of nearly $2M.

The BBB says most post-secondary students are in this age range and should use caution when applying for financial assistance.

"Since the cost of post-secondary education is high, a lot of students are applying for various forms of financial aid in order to continue pursuing their educational and professional goals," said Sandra Crozier-McKee, President and CEO of the BBB Serving Southern Alberta and East Kootenay. "Students may think of themselves as unlikely targets or that they won't fall victim to scammers' tactics and tricks. If you are a student applying for financial aid, check with the BBB for consumer tips that could keep you from paying for your financial aid."

The BBB urges post-secondary students to watch out for these red flags when applying for financial aid:

For information on scams and fraud prevention, visit the Canadian Anti-Fraud Centre. For consumer tips and other information visit bbb.org.