Money is hard to come by, especially because of the recent recession and the bad state of the economy. And this is why parents and students alike are worried about the latter's academic future. A college education has become more expensive, so it's natural that parents are on the lookout for any scholarship they can get their hands on. It's the best way to get your child through college if you don't have any money saved up or if your nest egg has diminished in value because of the economic downturn; you don't have to worry about the repayment of a loan on graduation, which often takes years to pay back because of the high interest rate.

It's not wrong to keep your eyes and ears open in order to secure a good scholarship for your ward; what could go wrong is your being taken for a ride by people who use your money troubles to rook you. If you're worried about a scholarship being a scam, here's how to read the signs:

• People who demand that you pay money in order to receive a scholarship. You're asking for free money for an education, and legitimate scholarships don't ask for any money to be paid in advance.
• Most scholarships are awarded by the government, either State or Federal. If you do come across a private scholarship, it has probably been set up for a particular community or for students who satisfy certain criteria. Do your research to see if your child qualifies.
• People who promise to return your money if you don't secure the scholarship.
• Never, ever give out details of your bank account, credit card or any other sensitive information. You could be robbed or have your identity stolen.
• Cold calls and emails that sound enthusiastic and claim that your child has been selected out of thousands to receive a scholarship.