Texas Tech Softball $10,000 NIL Deal for softball players

[_MIA_]

Here's what I'll tell you. Don't ever list a 529 Plan on a FAFSA. It's a ghost asset that has no paper trail unless you use it for something other than college.

or they read DFP..

You almost made me go check to see how the kid’s 529 plan was doing but then I thought better of it..good try

 

[El Oso]

Before I got excited over the $10K, I'd want to know what the university is making.

They lose money on softball so why would that affect your decision? lol....

 

[El Oso]

Wouldn't certain highlight athletes be more marketable $$$$$ for their likeness and image?!

Certainly, and they are able to market themselves in order to take advantage of that if they wish.

 

[radness]

Certainly, and they are able to market themselves in order to take advantage of that if they wish.

??? Beyond the $10,000 dealio with the college???

Or does the $10,000 deal restrict further individual marketing of themselves???

maybe I missed reading that detail?

 

[LEsoftballdad]

That is a fantastic tidbit right there!

I did not know that.

eta:
We didn’t use 529’s my wife says they were uniform transfer to minors. She the mba with the math degree, I just signed the payroll deductions, lol

Yeah, the UTMA accounts are even worse because they're child assets. Those are assessed at 20%, so you lose financial aid in the amount of 20% of the asset value when you have a UTMA. A 529 Plan is mostly a parental asset assessed at 5.64%. If a grandparent owns the 529 Plan, it doesn't exist!!!

Those outside source scholarships can cost you money from the school. Here's the dirty little secret they don't tell. If the scholarship is from a source other than the school, and it's made payable to the school, most colleges reduce any other aid you receive by a similar amount.

 

[El Oso]

??? Beyond the $10,000 dealio with the college???

Or does the $10,000 deal restrict further individual marketing of themselves???

maybe I missed reading that detail?

Yes they can market themselves in addition to the university deal. Some of these players have multiple NIL deals with all kinds of outside companies. And actually most (if not all) of the bigger p5 schools have separate departments to help their athletes market themselves and bring in additional NIL monies. So it's not as if they are having to do it all themselves. They get university support because that is a huge selling point in recruiting. "Hey __________, you need to come here to XYZ University. We have an outstanding NIL support department to help you find and secure NIL deals for yourself".

 

[Westwind]

Yeah, the UTMA accounts are even worse because they're child assets. Those are assessed at 20%, so you lose financial aid in the amount of 20% of the asset value when you have a UTMA. A 529 Plan is mostly a parental asset assessed at 5.64%. If a grandparent owns the 529 Plan, it doesn't exist!!!

Those outside source scholarships can cost you money from the school. Here's the dirty little secret they don't tell. If the scholarship is from a source other than the school, and it's made payable to the school, most colleges reduce any other aid you receive by a similar amount.

Great info.

We didn’t really have any hope of getting need based financial aid. It’s a good problem to have I guess.

 

[Westwind]

Yes they can market themselves in addition to the university deal. Some of these players have multiple NIL deals with all kinds of outside companies. And actually most (if not all) of the bigger p5 schools have separate departments to help their athletes market themselves and bring in additional NIL monies. So it's not as if they are having to do it all themselves. They get university support because that is a huge selling point in recruiting. "Hey __________, you need to come here to XYZ University. We have an outstanding NIL support department to help you find and secure NIL deals for yourself".

Yet you still have bb and football coaches saying that any player who emphasizes nil won’t be considered…. Dinosaurs.

I don’t get that at all. Get your media people off their asses and do their jobs. That seems like step #1.

 

[radness]

Yet you still have bb and football coaches saying that any player who emphasizes nil won’t be considered….

Hmmm peculiar, Wonder their perspective for thinking that?

 

[GunnerShotgun]

A good deal of jobs out there don't require a degree to do the job. Do employers require them? Sure,

It seems like you answered your own question.

I also don't look at college as vocational training, so there is that. Lots of reasons to continue your education and a job, in the end, is just one of them.