How can I increase my student’s chances of graduating debt free if they don’t get offered a full ride athletics scholarship or financial aid agreement?

I give PrepSearch clients some very specific advice when it comes to how to minimize debt if their prospective student athlete does get offered a full ride athletics scholarship or financial aid agreement. Please keep in mind the MAJORITY of student-athletes at any level will NOT earn a full ride. By full ride I mean where all housing, tuition, books and fees are covered by an athletic scholarship or financial aid agreement. One assumption I want to mention here and I mention in my seminars is the truth about the full ride.

The truth is that under the current head count model in place at time of publication less than 2% of NCAA Division I student athletes actually are guaranteed a full ride athletics scholarship or financial aid agreement. A head count sport is the only sport where a full ride athletics scholarship or financial aid agreement is guaranteed although other NCAA Division I sports can offer full rides. At the time of publication and before the NCAA goes to the equivalency model for all Division I sports, the current head count sports are Football, Men’s Basketball, Women’s basketball, Women’s Volleyball, Tennis, and Gymnastics.

The good news is that the path to a debt free college education or one with minimal debt is the same for a prospective student-athlete and non student-athlete alike. I counsel a small number of non student-athletes and I give them the same advice on minimizing debt as I do my prospective student-athlete clients. The first thing I mention to everyone I work with is to start planning early. In the case of the Mitchell family, we started planning at the birth of our daughter Kaam. I know this may not be possible for everyone, but it was the foundation of our plan to help Kaam pay for college and this planning took place well before we had any idea she would want to be an athlete in college. I’m not a financial advisor anymore, but I can tell you saving and investing for the long haul is the way to go. If you are fortunate enough to be able to put a few dollars away early on you’ll be well on your way to help your child attend college, earn a degree and graduate with little or no debt. We stated when Kaam was born and put at least $50 per month  away for her college education. If you can’t save $50 per month, save $10 per month. If you can do more,do more just do something and it’s never too late to start saving.

The point is to start as early as you can and find an amount you can commit to and stick to it. I can tell you in the Mitchell family we had our ups and downs, changes in employment and various life challenges where we couldn’t always contribute at least $50 per month. I rememberwhen I took my first paid college basketball coaching position reducing my contribution to Kaam’s college fund to $10 per month. I hope your situation won’t be ever be as bad I mine was and you’ll be able to consistently save something for your student or students.

One last thing I want you to keep in mind especially if you may have a Division I prospect. Assuming after publication that the head count model goes away and all  Division I sports will fall under the equivalency model keep in mind in some cases that the more academically selective an institution is, there is a greater chance that they will have a smaller roster size thanthe association /division rules allow. The reason for this is so the team can offer more athletics scholarship money to more students because the roster is smaller. The same team at a less academically selective institution may offer less athletics aid per student simply because the roster is larger and the pool of prospects they are competing for is much larger.

I don’t want to forget the importance of stacking financial aid and an athletics award for those who are not offered a full ride. Stacking is simply where an institution allows a student to receive multiple types of financial aid that come from within the institution. In many cases an institutionwill only allow a student to accept one award offered and generally the student will accept the largest award offered. For example at an institution that does not allow stacking, a student might be offered an athletics scholarship for $25,000 annually and an academic scholarship or $20,000 annually. In this scenario where no stacking is allowed the student would select the larger athletics award. If stacking were allow then they would accept both awards to apply to their cost of attendance. Here is what I advise all PrepSearch clients.

As a prospective student-athlete, it’s important to be proactive and explore multiple options to minimize your college debt, especially if you don’t receive a full-ride athletic scholarship or financial aid agreement. While a full-ride athletic scholarship is a fantastic goal, most student-athletes receive partial scholarships, which can still significantly help cover cost of attendance. Even if a full scholarship isn’t offered, there are still many additional sources of need based and merit based financial aid opportunities available. Being open to considering different colleges in different divisions and associations can lead to increased partial athletic aid opportunities that help reduce costs. In addition to athletic scholarships, make sure to apply for academic and merit-based scholarships. Many colleges offer significant scholarships based on academic performance, standardized test scores, or achievements in extracurriculars. Websites like Scholarships.com, Fastweb, or Niche can help you find scholarships you may be eligible for.

When considering colleges, make sure to look into the institutional financial aid packages that different colleges offer. Many private institutions provide the strongest financial aid packages based on financial need and merit because of the large endowments some of them have. Need based packages may include grants, work-study opportunities, and institutional need-based scholarships that can help offset the cost of tuition and living expenses. It’s also a good idea to use financial aid calculators available on school websites to get a better sense of what your out-of-pocket costs might be.

Need based aid such as the work-study program and a part-time campus job can also be an excellent way for student-athletes to reduce their financial burden. Many colleges offer work-study opportunities that allow students to work on campus while attending school. These jobs are typically flexible, which makes it easier to balance work with your athletic commitments. The income earned through a work-study position can be used to cover living expenses, textbooks, or even contribute to your tuition. Additionally, seeking part-time jobs or internships related to your sport or field of study can further help you earn money while gaining valuable experience for life after graduation.

Depending on your recruitment, considering a state school or attending a public university within your home state can be a more affordable option. In-state tuition is typically much lower than out-of-state tuition, and many state schools offer competitive athletic programs and scholarships. Researching the athletic programs and scholarships available at state schools could open up opportunities for financial aid that make it easier to manage your college expenses. Furthermore, if you have strong academic performance or athletic achievements, some state schools may offer additional financial assistance that can help reduce tuition costs even further. Another way to cut down on college costs is by maximizing dual enrollment or Advanced Placement (AP) courses in high school. These programs allow you to earn college credits while still in high school, which can reduce the number of courses you need to take once you’re in college. Please take advantage of these options if they are available. This can save you money on tuition by shortening the time you need to spend earning your degree. By getting a head start on your college coursework, you can minimize the chance of having to overload (taking more than 15 credit hours) in a semester, graduate more quickly and potentially avoid taking out additional loans.

It’s also important to be strategic about textbook and supply costs. College textbooks can be extremely expensive, so finding ways to save on these costs can add up over time. Parents can really get a head start on preparing for these expenses by doing as I suggested earlier and saving as much as you can as early as you can. This holds true whether your student will compete in sports in college or not. Consider renting textbooks, buying used versions, or using digital editions, which are often much cheaper than print versions. Many schools also offer textbook loan programs, or you can check out books from the library for free. These small savings can have a big impact on your overall college expenses.

In the event that loans are necessary, make sure to explore federal student loans first and avoid private loans if at all possible. Federal loans usually offer lower interest rates and more flexible repayment options than private loans. If you need to take out loans, make sure to borrow only what’s absolutely necessary and be aware of the repayment options available to you after graduation. Lastly, start planning early. The earlier you begin researching scholarships, financial aid, and college options, the better prepared you’ll be. Many scholarships have early deadlines, so staying organized and applying for multiple opportunities increases your chances of receiving aid. By combining athletic talent, strong academics, and smart financial planning, you can minimize the cost of college and set yourself up for a debt-free future, even without a full-ride scholarship.

To learn more about PrepSearch and how I’ve helped over 1,700 students attend college through sports since 2007, please explore the rest of my website. For more information about my seminars for high schools and clubs, or to inquire about my recruiting advisory services, feel free to complete the contact form on my website at www.prepsearch.net.

If you know a prospective student-athlete in grades 8-12 who could benefit from additional free exposure to college coaches, have them download the new PrepSearch app today! It’s available in both the Apple App Store and Google Play Stores.

https://play.google.com/store/apps/details?id=com.prepssearchappsapp

https://apps.apple.com/app/prepsearch-app/id6738037970

EM