Knowledge Hub / Financial Aid Options for Student Athletes
Financial Aid Options for Student Athletes

Financial Aid Options for Student Athletes

Paying for College
ELFI | February 8, 2023
Financial Aid Options for Student Athletes

Many parents dream of their children becoming star athletes and earning full rides to college due to their prowess in sports. But the reality is that athletic scholarships are hard to come by; according to the Next College Student Athlete (NCSA) organization, just 2% of student athletes receive college scholarships

Even for those lucky students that do qualify for athletic scholarships, they are likely for less than families expect; the majority of athletic scholarships only cover a portion of the total cost of attendance. 

Here’s what you should know to help your child get their best chance at college athletic scholarships. 

How Athletic Scholarships Work

Talented athletes can sometimes qualify for scholarships in college. However, the majority are partial scholarships. Full-ride scholarships — which cover tuition and school-required fees — are typically limited to revenue-producing sports like football or basketball. 

Student athletes are often recruited while in high school, so they enter college with a scholarship. However, a college student can walk on a team, meaning they attend open tryouts, qualify for the team, and qualify for a scholarship later on. 

Athletic scholarships are incredibly competitive across every sport, but they’re challenging to get at NCAA D1 or D2 schools. 

How to Apply for College Athletic Scholarships

College athletes, even those that are truly exceptional, cannot wait to be found by coaches and offered a scholarship; they have to advocate for themselves. To help your child prepare, follow these steps: 

Review Eligibility Requirements

Sit down with your child and have a frank conversation about their educational and athletic goals. Their performance and dedication to the sport can affect what schools are a good fit and their likelihood of earning a scholarship. 

To ensure your child meets scholarship eligibility requirements, check the NCAA’s academic requirements: 

Gather Documents and Video

Next, help your child gather the necessary documents and videos of their performance. Your child can create an athletic profile on the NCSA website and share it with coaches and team contacts. 

Some paid services will create professional websites and polished videos of your child, but they aren’t a necessary expense for most students. Because of how rare athletic scholarships are and how few are full-ride awards, spending a fortune on athletic reels isn’t a cost-effective option.

Reach Out to Coaches

Encourage your child to reach out to team coaches personally via email. They should stress their enthusiasm for the team and the coach’s methods, emphasize what they would bring to the team, and highlight their achievements. It’s also a good way to share their athletic profile and videos. 

Compare Offers

As your child receives acceptance letters and financial aid packages, help them compare those offers. While some athletic scholarships may be fairly small, some schools will make up for it with larger academic scholarships that lower the total cost of attendance. 

Look for Outside Scholarships

School-issued athletic scholarships are rare, so it’s a good idea to look for external scholarships and grants too. Many private companies and non-profit organizations offer scholarships specifically for college athletes, and you can find opportunities in a wide range of sports. For example: 

You can find athletic scholarships by searching for opportunities on scholarship databases like The College Board’s Scholarship Search, FastWeb, the NCSA’s athletic scholarship database, or your local athletic association. 

Qualifying for Financial Aid as a College Athlete

College athletic scholarships are available, but even if your child qualifies, the scholarship is unlikely to cover the entirety of their education. To pay for the remainder, make sure you and your child complete the Free Application and Federal Student Aid (FAFSA), so you can qualify for federal and state grants and student loans. 

If you need additional help paying for school, private student loans from ELFI can cover the gap. ELFI offers competitive rates on undergraduate loans, graduate loans, and parent student loans, and you can get a rate quote online