The Role of Educational Institutions
When NIL deals were announced, around 75 percent of student athletes surveyed wanted to learn about investment platforms and taxes, and 44 percent were concerned about student debt.
Considering the $1.7 trillion student loan debt that continues to grow, colleges and universities should be implementing financial literacy courses for all of their students. But at the very least, educational institutions need to bridge the financial literacy gap for student-athletes.
The NCAA has started emphasizing the need for financial literacy and some schools have been proactive. San Diego State, for instance, hired an NIL coordinator to assist student-athletes in navigating financial decisions related to NIL deals. However, many schools have failed to adequately invest in programs protecting their students.As many schools begin creating NIL collectives and soliciting alumni donations to fund NIL deals, these schools must be held accountable and invest a portion of that funding into students’ long-term futures.
Analysis
One of the biggest debates in college sports in the past decade was, “should we pay our student athletes”, and after years of debate the athletes are finally getting their money. The term NIL is a household term, but does the average person know the impact it’s having on the average student athlete. Student athletes have been thrown into a world of the unknown known as NIL, and they have no idea how to handle it. Many college students aren’t given or know of available financial lifelines at their prospective colleges, and colleges aren’t doing a good enough job to make these resources known. Athletes need counselors and people to go to for financial advice, since they have various factors working against them as athletes, students and young adults.
Source
Forbes. (2020, August 31). The Need For Financial Literacy With NIL.. Forbes. https://www.forbes.com/sites/yassprize/2024/06/21/the-need-for-financial-literacy-with-nil/
