"
Applying for
college financial aid is one of the few things in life that may be even
more confusing and complicated than taxes. It involves getting together
loads of financial information, learning an alphabet soup of acronyms,
and understanding how the financial aid system works.
Athletes that are ready to compete at the college level may be too
busy with homework, practice, camps, and workouts to sit down for hours
and study every last detail of the financial aid process. But to give
yourself the best chance of using athletics to pay for your education
and get ahead in life, it is crucial that you have at least a basic
understanding of how financial aid works.
That’s why we’ve assembled this handy guide of 7 essential things
about the financial aid process and how to get the best possible package
to help pay for your education.
1. Good Academics Create Financial Aid Opportunities
A tiny, select group of athletes gets a full ride to college through an
athletic scholarship alone (more on this later). But don’t count on it –
even if you’re great, it’s unlikely. The better your GPA and
standardized test scores, the more financial aid opportunities will be
available to you in college. Some may be from the university, some may
be from the state, your high school, or even nonprofit organizations.
But no matter where you’re looking for scholarships, you’ll have the
best chance if your academics are solid. Any scholarship you can’t apply
for because you’re not academically qualified is money you threw out
the window – don’t do it!
2. Know your EFC
EFC is one of those alphabet soup acronyms we were just talking about.
It stands for “expected family contribution,” meaning the amount of
money the Department of Education expects your family to pay towards
your education. It is determined using a complex formula involving your
family’s income and many of their tax details. You can read more about
it by
clicking here.
Make sure to identify any tax exemptions and other financial details
that your family qualified for, so you can get the most accurate EFC. If
your family has an accountant or financial advisor, you may want to
discuss this with them.
3. Complete Your FAFSA on Time
The FAFSA is another mess of letters – it stands for “Free Application
for Federal Student Aid.” Your school will not be able to issue you any
financial aid if you do not turn one in. This is another form that
you’ll need tax information to fill out – make sure to have your
parents’ taxes on hand before you sit down to do your FAFSA. You may
also qualify for additional aid based on your FAFSA.
Click here to read more about it.
4. Ask the Coaches About Aid in Advance
Once you know that a coach is interested in you, don’t be afraid to ask
him or her directly about aid. Financial aid is one of the biggest tools
that coaches have to bring student-athletes into their programs, and a
coach can be a big help in both navigating the college financial aid
jungle and in finding more sources of aid you may not have even known
were there. The further in advance you ask, the better – money and
scholarships can (and do) run out, so there’s an advantage to thinking
ahead.
5. Know Whether Your Sport is Head Count or Equivalency
When it comes to financial aid, there are two types of college sports:
“head count” sports, and “equivalency” or “olympic” sports. Head count
sports tend to be the ones that generate revenue and you’re more likely
to see on TV: in Division I, the head count sports are basketball and
football for men, and basketball, tennis, volleyball and gymnastics for
women. All other sports are equivalency in Division I – other divisions
may have different rules for what is a head count sport and which is an
equivalency sport (
click here to read more about the differences).
The big difference for athletes: head count athletes get full
scholarships. Athletes in equivalency sports may only get partial
scholarships. It’s important to create additional financial aid
opportunities for yourself, no matter what sport you play (what counts
as a “full” scholarship can vary from school to school) – so you should
know what kind of scholarships your sport offers as you go forward in
the process. You can also talk to the coach about what options they have
when it comes to distributing scholarships, how their scholarships are
distributed, how many athletes are graduating, whether they can offer
you more aid in the future, and so on.
6. Examine and Appeal Your SAR
Congratulations – you’ve gotten to the last of the big college financial
aid acronyms! SAR stands for “student aid report.” It’s the document
that your school’s financial aid office will create once they’ve
processed your FAFSA and the financial aid you qualify for. It is a
summary of all the financial aid the school offers you. Often –
especially for athletes – you can find some additional aid if you
“appeal” your SAR, especially if your coach is helping you with the
process. Go through your SAR carefully and make sure you are not missing
out on any scholarships that you qualify for – it’s worth
double-checking, because this can be worth thousands of additional
dollars towards your education.
7. Athletes aren’t limited to “athletic” scholarships
Finally, even if you are getting an athletic scholarship, that doesn’t
mean you shouldn’t keep your eyes open for other kinds! This is
especially important if you are only receiving a partial scholarship, or
if you are playing at a division level that does not offer formal
athletic scholarships. Athletes can receive need-based, merit-based
(academic), or third-party scholarships (from veterans’ organizations,
community service groups, unions… the list goes on and on). Qualifying
for these scholarships is part of why academic success is so important.
You can ask your high school counselor’s office, or use a website like
fastweb.com to find lots of scholarships you may be eligible for.
Learning these facts and securing your financial aid accordingly can
help save you and your family a lot of money. The financial assistance
for your education is one of the most important advantages that sports
can bring you in college – make the most of it!"
Have a great day!
Sincerely,
Lauren Sands
Posted from NCSA is the nation’s leading collegiate recruiting source for more
than 500,000 student-athletes and 42,000 college coaches. By taking
advantage of this extensive network, more than 92 percent of NCSA
verified athletes play at the college level. The network is available to
high school student-athletes around the country through valued
relationships with the NFLPA, FBU, NFCA and SPIRE. Each year, NCSA
educates over 4 million athletes and their parents about the recruiting
process through resources on its website, presentations of the
critically-acclaimed seminar College Recruiting Simplified, and with Athletes Wanted, the book written by NCSA founder Chris Krause. by Kerry Brown on Feb 27, 2014 in Financial Aid
http://www.ncsasports.org/blog/2014/02/27/7-things-every-athlete-should-know-about-college-financial-aid/?elq=e1dd111fb6ef406aabd4457bd067dd45&elqCampaignId=1466
