College students who fell victim to a financial aid scam perpetrated by Academic Investment Money (AIM) may be able to collect refunds as a result of the settlement of a lawsuit brought against the company by the state of New York.

According to the allegations in the lawsuit, AIM preyed on college students seeking financial help for college expenses. In advertisements, AIM claimed to help students locate and obtain college grants and scholarships. Students who called the company's toll-free number were told they were guaranteed to receive grant money.

Students paid fees ranging from $70 to $100, but most never heard from AIM again, according to the lawsuit. Some received information from the company that proved worthless for obtaining financial aid. Those who asked for refunds were ignored.

In order to be eligible for refunds, students must file written complaints with the state of New York by May 1. The complaints, along with supporting documentation, should be send to the attention of Susan Bieber at the New York State Department of Law; Bureau of Consumer Frauds; 120 Broadway; New York, New York 10271.

Additional information may be obtained by calling 212-416-8300.