Student Athletes and Financial Literacy

Written by: Haley (she/her)

3 min read | Published: September 5, 2024

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As a student-athlete, you have a wide range of opportunities to generate income, but you may not know how to set yourself up for long-term success using the money you’re making now. With the opportunity to earn more from name, image and likeness (NIL), it’s especially important to become financially literate. Read on to learn more about the resources available to you.

One way to make the most of your finances is to apply for scholarships. Many colleges and universities offer athletic scholarships to students, especially if the school is classified as NCAA Division I (DI) or Division II (DII). Utilizing scholarships is a fantastic way to cover living expenses and the costs associated with getting an education such as tuition, books and class materials. As a student-athlete, if you apply for a scholarship, receive it and accept the funds, you can keep more of your income and continue to work toward your financial goals.

Student-athletes can review scholarship opportunities available at their specific college or university or on the NCAA website. Apply as early as possible to secure as many scholarships as possible. The process can begin as early as 18 to 24 months before starting school, so it’s never too early to start browsing for opportunities.

Depending on the NCAA division and the sport played, you may receive different scholarship funding. For example, those who play football or basketball at a DI school may be more likely to receive full-ride scholarships that cover all educational and living expenses. Student athletes at DII schools or students who play a lower-profile sport with a smaller budget at a DI school may receive partial scholarships. NCAA Division III schools don’t offer athletic scholarships but are likely to have other financial aid options available. If you’re attending a smaller college, the National Associate of Intercollegiate Athletics (NAIA) may be a helpful resource for full or partial scholarships. For other scholarship opportunities, use the Next College Student-Athlete (NCSA)’s athletic scholarship search engine to find scholarships based on the sport(s) played. Student-athletes should review scholarship conditions thoroughly and have a back-up plan in case they lose scholarship funds due to injury, academic changes, etc.

If you’re taking advantage of NIL opportunities, there are educational resources available. For example, NIL Long Game is an online financial literacy certification program for student-athletes powered by Financial Finesse. It allows student-athletes to learn more about how to navigate NIL rules and regulations and manage finances effectively. Student-athletes can use this resource for free, or teams can obtain this information from the school’s athletic department. There are also NIL apps to help student-athletes manage their funds. Take your time and complete your research to ensure you’re comfortable with an app before downloading it or creating an account.

Another resource is a digital financial literacy game called How Not to Suck at Money. The game was created through a partnership between the NCAA and Invesco/Invesco QQQ. The game’s objective is to help star athletes who are collecting hundreds of thousands of dollars in NIL endorsements, as well as players who want to work in other fields. The game came about in 2021 as a way to improve financial literacy among student-athletes, and it can be a great resource.

Additional resources include:

National Associate of Collegiate Women Athletics Administrators (NACWAA)
National Junior College Athletic Association (NJCAA)
U.S. Department of Education’s Office of Federal Student Aid

Take advantage of your unique circumstances as a student-athlete to set yourself up for long-term success. Utilizing scholarships, NIL deals and resources available to you to help you make the most of your earnings will help build your financial literacy to reach your goals.