If you intend to play in college, you need more than sick skills and a brain. You also need the funds to pay for your schooling. Get in the loop with this scoop about receiving financial assistance.
What it is
Financial aid is money you receive to help pay the cost of attending college. According to the NCAA, nearly $1 billion in aid is awarded to more than 126,000 student-athletes each year.
Division I and II schools can award athletic scholarships to student-athletes, among other types of financial aid. Before you can be awarded aid from a D-I or -II college, though, you must be declared eligible through the NCAA's Eligibility Center.
D-III colleges/universities cannot offer athletic scholarships; however, they can provide financial assistance in the form of academic scholarships or other need-based aid.
Types of financial aid
Scholarship: Financial aid that does not have to be repaid
Grant: Like a scholarship, a grant does not have to be repaid. However, the amount you can receive depends on your financial need; what it costs to attend your college; and whether you intend to enroll as a full- or part time student for the forthcoming academic year.
Education loan: Financial aid that must be repaid, with interest. Types of loans include a federal government loan, a private loan and a parent loan.
Receiving financial aid
Any financial aid you receive must be permissible under NCAA regulations, or specifically approved by the NCAA. Otherwise, you will not be eligible to participate in intercollegiate athletics.
Permissible outside aid includes:
Aid from someone you are legally dependent on, such as a parent or legal guardian
Aid that isn't awarded based solely on your athletic ability [e.g., a National Merit Scholarship]
Aid awarded from an established program in recognition of your high school achievements [e.g., honorary award]
Duration of financial aid
Financial aid, which begins on either the first day of practice or the first day of classes, cannot be awarded in excess of one academic year, so it must be renewed annually. At the end of each academic year, before July 1, you'll be notified in writing by your college's financial aid office whether your aid will be renewed for the following academic year.
The total amount of aid you receive cannot exceed the school's cost of attendance, which the school's financial aid office determines. Cost of attendance includes the total cost of tuition and fees, room and board, course-related books, and any additional expenses related to attending the school. If you receive an athletic scholarship, it can be reduced or cancelled if you:
become ineligible for intercollegiate competition
voluntarily withdraw from your team
falsify information on a financial aid agreement, NLI or application
engage in misconduct that results in disciplinary action by the school
Your athletic scholarship will not be affected by:
the level of your athletic performance
an injury that prevents you from participating
For more information, check out ncaa.org
Sources of Aid
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