10 Questions a Parent of a Student-Athlete Should Ask the University About Financial Literacy and Support
What financial literacy resources are available to student-athletes?
It’s essential to know if the university offers financial education programs or workshops that specifically help student-athletes manage their money responsibly, both during their athletic careers and beyond.Does the university provide any guidance on budgeting and personal finance for student-athletes?
Inquire whether there are resources to assist student-athletes in creating and maintaining a budget, especially considering NIL income, scholarships, and other sources of financial support.Are there programs that teach student-athletes how to handle taxes and manage NIL income?
Ask about any workshops or resources that cover the tax implications of NIL earnings, scholarships, and any additional income, helping your child understand their financial obligations and avoid costly mistakes.How does the university help student-athletes make informed financial decisions, particularly regarding NIL opportunities?
Find out if the university provides access to financial advisors or mentors who can guide student-athletes through the complexities of NIL deals, including contract negotiations, budgeting, and investment strategies.What financial aid options exist beyond athletic scholarships?
In addition to athletic scholarships, ask about other forms of financial aid available to student-athletes, including need-based grants, academic scholarships, or work-study opportunities.Does the university offer education on investing, saving for retirement, and long-term financial planning for student-athletes?
It’s important to know if the university offers programs that help student-athletes plan for their financial future, such as retirement savings or investment strategies, especially if their athletic career is short-lived.What resources are available to assist student-athletes with managing their NIL income for long-term financial stability?
Inquire about financial advisors or resources dedicated to helping student-athletes manage their NIL earnings, from setting up retirement accounts to planning for future expenses and investments.Are there programs focused on managing student loans, credit, and other personal finances for student-athletes balancing school and sports?
Ask if the university provides guidance on managing student loans, building good credit, and making smart financial decisions while managing the demands of academics and athletics.How does the university educate student-athletes on how their financial decisions can impact both their academic and athletic careers?
It’s important to understand how the university helps student-athletes make informed financial decisions that support their overall academic success and athletic performance, without putting undue pressure on them.Are there financial literacy programs or workshops specifically tailored to first-generation student-athletes?
If your child is a first-generation college student, ask about resources that can provide additional support to navigate the financial aspects of college life, including budgeting, understanding student loans, and financial planning.
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These questions will help ensure that your child receives the financial education and resources they need to manage their earnings, avoid common financial pitfalls, and build a secure financial future while pursuing their academic and athletic goals.