Students who have been victims of a financial aid scam now may have the opportunity to regain their lost money.

Some advertisements claiming to help college students obtain grants and scholarships were found to be fraudulent, and as a result, eligible students can request a refund.

On Feb. 2, New York Attorney General Dennis Vacco reached a settlement in a lawsuit against Impressions & Gifts Inc.’s Academic Investment Money, according to a press release.

As part of the settlement, AIM is required to provide refunds to all students who file written complaints by May 1.

AIM advertised in college newspapers throughout the country, claiming that its services could help students locate and land college grants and scholarships.

The advertisements instructed students to call a toll-free number, guaranteeing them the opportunity to receive grant money.

Students were required to pay AIM $70-$100 in fees for the services.

Following their fee payments, most students never heard from AIM again.

Although some students received materials from AIM outlining shortcuts to financial aid, they later discovered the materials were useless. In addition, AIM ignored all requests for refunds.

Earl Dowling, director of financial aid at Iowa State, said ISU possesses no records of students who may have responded to AIM’s advertisements.

Dowling advised students to avoid services that promise to help them obtain grants or scholarships.

“Don’t pay anyone any money,” he said.

Dowling added that students can receive help obtaining financial aid by visiting the Student Financial Aid Office, 12 Beardshear Hall, or by accessing FastWeb.com.

Students may file complaints by writing to: Susan Bieber, New York State Department of Law, Bureau of Consumer Frauds, 120 Broadway, New York, NY 10271.