The College Funding Center RIPOFF We went into our savings for our 15 year old daughter and they have now notified us by a card in mail they are forced out of business Plano Texas

Kelley (and JoAnn as well),

If they told you they were a non-profit group funded by other companies they were lying and you should probably bring this to the attention of the FTC.

The reality of CFC is thus: they charged exhorbitant fees for services you could do yourself for free and with little time expended. They preyed on the financial fears of parents and college bound students. Most people are grossly misinformed as to the difficulty of financing higher education. CFC realized this and used it to their advantage, tricking people into paying upwards of a thousand dollars for things they could have done themselves cheaply and easily.

The crux of the FTC suit is the numerous gauruntees made by CFC and their horrible track record of actually living up to them. The FTC suit can be viewed as two-pronged. The first prong seeks an injunction against further business by CFC and a freeze on their assets. The FTC was successful in these regards, and this is why CFC can no longer do anything for you (not that they did in the first place).

The second prong of the FTC suit, which I believe goes to trial in April, is an actual seizure of the frozen assets for the purpose of refunding the monies paid in by consumers such as yourselves. My suggestion to ensure that you receive your refund, should it become available, is to contact the FTC and let them know of your interest.

My suggestions for ensuring the financing of your childs' education is to 1) fill out the FAFSA somtime before Feb. 15 (make sure you have done your taxes before that date - the FAFSA asks for information from your tax forms). If you have any problems filling out the FAFSA, there is a phone number right on the form that you can call for help. And 2) have your child make an appointment with his/her guidance counselor to inquire about how to find scholarships that may be available. Follow these two steps and you will have done everything CFC would have done for you.

The funding for higher education is out there, it's easy to get, and it's available to anyone willing to put forth the effort to get it. When I started college I was 22, had no hope of help from my parents, and earned about $14,000 a year. Five years later I have just completed my first semester of law school, and for an education that will cost a total of almost $200,000 I have paid nothing out of pocket and my loans will total less the half of my expected annual starting salary. I never needed anyone's help to find out where the money was, and neither do you.

Best of luck!

It is one thing to do things to adults like this but to kids wanting a better life it is horrible. We went to a hotel in Indiana same thing as the rest of you. Gave them $995 and trusted them to help our at that time 17 yr. old daughter go the college she wanted to. She is now a senior and has been excepted to a private college that she worked very hard to get into. Now this center has sent a postcard not even a formal letter saying they are forced out. How can you get forced out if you are a non profit program that other companies give you money to support there program. I feel something should be done to these people so no-one else had to go thru this.

Sincerely,