Looking at the mechanics of an athletic scholarship....For baseball scholarships, do schools require financial statements, income verification, etc. from the parents? Better put, are baseball scholarships offered strictly from a schools need for a player/position/talent and match for the program? Further, are the monies given as a check to the athlete, or are they deductions from a students "bill"? If deductions, is it off the tuition, room and board, other specific line items?
Replies sorted oldest to newest
OK, I'll admit, financial planning isn't near as exciting as a kid getting cut from a JV team, what time you practice or how cold it was when you were shoveling snow, or can us UZR be helpful in Little League, just trying to get a few facts. Would posting a couple videos of cute puppies help? Toss me an obscure NCAA link or something, will ya?
Based on what I know so far, I will try to answer.
We were told initially that a CSS profile would need to be filled out. There was a coaching change and nothing more was said from the new coach. I filled out the CSS profile anyway Jan 1. What was the harm? The NLI was already signed.
Same for the FAFSA. Doesn't hurt.
Scholarship money will be given as a reduction off the bill. Tuition first, then other expenses.
Maybe others will chime in on how any monies are applied to rent and board if living off campus? Schools may do different things.
Non-athletic scholarships may require the CSS profile, esp. from private schools.
Ok, I am considering moving 529 general monies into a state specific fund that lets you buy future tuition at today's rates. But you buy tuition only, not room and board/books, etc. The 529 spend rules are broader than the state specific fund. Believe me, future baseball scholarship is not the driver of decisions, I just sleep better when I understand the game. Gotta go, my future Hammerin' Hank needs to get his jammies on.
Speaking for how things work for my son. He gets baseball money and then a grant and some student loan money from FAFSA. The money gets applied to schoole fees, I believe tuition first. The rest of the money goes to a school crest card basically. It can be used for whatever you want. His first year, it went to tuition, room and board. Not much else left. This year, he lives off campus. So, his tuition gets paid and the rest goes to the school account. I basically help him manage that to pay rent and utilities. I wire the money into his account when he needs to pay rent and bills. But if we wanted to pay that and let him use the money for whatever he wanted, that would be ok. There are no restrictions.
We did not have to provide any financials for his baseball money, just for the FAFSA stuff. Hope this helps.
When your Hammerin' Hank gets his full ride (if you have been reading here long, you know this rarely happens), you can change the name on the 529 to another child, I believe. You may want to call the state 529 plan info line and ask the question "what happens if my son gets a scholarship for tuition". Happens all the time.
In our state, I think you have to purchase the prepaid tuition program by 9th grade. Otherwise, keep funding the general 529.
I'll mention this for anyone else that may be reading...don't pull any more out of your 529 for one year than you need. It is reported to the IRS and you have to account for it. Someone offered bad tax advise last year (which I didn't heed, thank goodness!)
I can only speak for my child. My daughter was offered x amount per year to be split between 2 semesters. It covers almost all of her tuition. My child also has an academic scholarship that covers books etc. These payments are made by the athletic department and the academic scholarship administrators and is taken out of the kid's bill and so no check or monies switch hands. The wife and I have to pay partial room and board or what is left to be paid after the athletic and academic scholarships are paid.
We did not fill out the FAFSA. My daughter's scholarships are not defendant upon those qualifications. We don't have any student loans. My child will graduate without us or her owing one cent to anyone.
As an FYI, my child has to meet certain academic requirements for the academic scholarship and if her GPA slips she loses it. As all of you know, that athletic scholarship is year to year and so, the Coach can take that scholarship away from her anytime he wants.
Good questions.
I believe in prepaid tuition so freeze the amount as soon as you can.
We never filled out any financials. While our state schools were very affordable with prepaid rates and bright futures, the out of state tuition was a bit tougher so the coach made an offer accordingly which was accepted.
Sons scholarship amount was deducted from semester bill. Most schools give options to pay remainder in installments. Any overage was deposited in his bank account not ours.
Hope that this helps.
