Financial Aid for Student-Athletes

Student-athletes dream of landing a coveted roster spot and a full ride athletic scholarship. However, according to the NCAA, only about 2% of high school student athletes receive an athletic scholarship at all, and most of these students only receive a partial scholarship. To help cover college costs, many families apply for (and receive) some form of financial aid. On this page, we’ll cover:

• Different types of financial aid, including federal student aid and need-based aid
• How the Free Application for Federal Student Aid (FAFSA) factors into your recruiting—and how to apply for financial aid in just a few steps
• Who is eligible for FAFSA and federal student aid (and what to do if you don’t qualify for financial aid)

What is financial aid and how much does it cover?

What is financial aid?

Financial aid is money that helps pay for college. Though many families view financial aid as free money, there are different types of financial aid, and some need to be paid back.

How much does financial aid cover?

Most types of financial aid will help students cover a portion or up to 100% of their college costs. This depends on several factors, including when you file your FAFSA, your Expected Family Contribution (EFC), the school’s cost of attendance and financial aid department resources.

Types of financial aid

There are many different types of financial aid, but the most common are:

• Athletic Scholarships: Scholarships that are awarded to student athletes from the college athletic department based on the student’s athletic abilities and the value they contribute to the team.
• Academic Scholarships: Scholarships that are awarded to students who have demonstrated high academic performance. These awards are based on criteria like GPA, class ranking and standardized test scores.
• Merit Scholarships: Merit Aid and scholarships that are awarded to students based on certain requirements by a private organization. The criteria for these awards are typically based on academic, athletic or artistic merit.
• Federal Student Aid: Need-based money that students do not have to pay back. Students can check their eligibility for federal student aid by completing their Federal Application for Federal Student Aid (FAFSA).
• Grants: Need-based awards that also do not have to be paid back. Students may qualify for grants awarded by the federal government or by their college. To determine a student’s eligibility, they will need to complete the FAFSA.
• Federal Work-Study Program: A federally funded program that helps students pay their tuition through a part-time employment program at the school.
• Federal Student Loans: A loan from the U.S. Department of Education that students can borrow to attend college and must pay back with interest.
• Private Student Loans: A loan made by a private organization such as a bank or credit union that students can borrow to attend college. Private loans must be paid back with interest and have terms and conditions that are set by the lender.

Other types of financial aid include aid for military families, federal student aid for international study (for U.S. students who travel outside of the United States) and even financial assistance from your local state.

Some colleges even automatically offer free tuition for students coming from families below a certain annual income.

Learn more about the different types of financial aid.

FAFSA and how to apply for financial aid

What is FAFSA? The Free Application for Federal Student Aid, otherwise known as the FAFSA is an online form used to apply for financial aid for college and graduate schools.

Who is eligible for FAFSA? Any student going to college in the next academic year should fill out the FAFSA. Current high school seniors should complete their FAFSA as soon as possible after the application opens.

To be eligible for federal aid, a student must:

• Have a high school education (current high school seniors can complete their FAFSA before graduation)
• Be a U.S. citizen, a U.S. national or an eligible non-citizen (a student’s parents’ citizenship or immigration status does not impact their eligibility)

Why apply for FAFSA?

The U.S. Department of Education uses information from the FAFSA to determine eligibility for federal aid, including direct subsidized and unsubsidized student loans, grants and work-study programs. The FAFSA also determines eligibility for aid on the state and college levels.

Completing the FAFSA is an important step in the college financing process. Families and student-athletes might miss out on opportunities for aid if they fail to apply. According to data collected from NerdWallet, eligible 2022 high school graduates left behind $3.58 billion worth of Pell Grant money.

When is FAFSA due?

The FAFSA opens on December 31 for the following school year and can be completed at any time before the deadline. However, if you’re a current high school senior, we recommend completing your FAFSA as soon as possible after December 31.

There are several federal, college and state deadlines, or the last day you can file your FAFSA, to keep track of.

Federal Deadlines

• 2024–25 Academic Year Deadline: FAFSA forms should be submitted by 11:59 pm CST on June 30, 2025.
• 2025-26 FAFSA Deadline: The FAFSA deadline for the 2025-26 school year is June 30, 2026.

College Deadlines

Each college may have its own deadline that occurs before the federal deadline. Check with the colleges you’re interested in to make sure you have the correct date. You may also want to check whether their deadline is the day they must receive your processed FAFSA or if it’s the date your FAFSA form is processed, since there may be a gap between the two.

State Deadlines

Each state has its own deadline. Most deadlines occur before the federal deadline. Find your state’s FAFSA filing deadline here.

Calculating the cost of college and need based financial aid

Need based aid is financial aid that you can receive if you have financial need (and meet other eligibility criteria). Unlike academic, athletic and merit-based scholarships, need-based aid is given out solely based on a student’s (or their family’s) financial circumstances.

To calculate financial need, students can subtract their expected family contribution (EFC) from their total cost of attendance (COA).

For instance, if your school’s total COA is $25,000 a year and your EFC is $15,000 a year, your financial need is $10,000.

Cost of attendance (COA)

Your cost of attendance is the total amount it will cost you to go to school for one academic year before financial aid. This includes the cost of tuition and fees, room and board, textbooks, supplies and living expenses. Colleges adjust the cost of attendance annually, which means your cost of attendance will vary each year.

Expected family contribution (EFC)

Your EFC is used by the state and colleges to determine your eligibility for federal and financial aid. Students are asked to provide specific information about their family’s financial circumstances, including taxed and untaxed income, assets and benefits to calculate a family’s financial strength. Your EFC also considers your family size and the number of family members (like older siblings) who will attend college during the same year.

Watch former D3 Head Coach Pam Monnier break down what Expected Family Contribution means, including how your EFC could be calculated. 

Learn more about the EFC and the EFC formula.

How much financial aid can I get?

The maximum amount of financial aid you can receive from filing your FAFSA is different depending on your college’s total cost of attendance. Your FAFSA considers your college’s COA and your family’s EFC to determine how much financial aid they’ll offer.

It is not possible to receive more need-based aid than your total cost of attendance, though some families do take out federal student loans to cover indirect college costs that aren’t factored into a college’s COA.

Your FAFSA can also offer non-need-based federal student aid, like a Direct Unsubsidized Loan or Federal PLUS Loan, that can be used instead of or in addition to other need-based aid options.

What is the maximum income to qualify for financial aid?

There are no income limits or cutoffs when it comes to who qualifies for financial aid. Anyone, regardless of income, should file their FAFSA. 

The FAFSA does determine your family’s EFC, which may be higher for higher-income families and lessen the total amount of federal student aid offered. However, colleges have their own financial aid departments that can determine how much financial aid each student is eligible for and may offer families grants, loans and other types of financial assistance.

A higher income doesn’t automatically mean a larger EFC. Your EFC also considers your family size, including how many family members are also or will also be going to college at the same time and other factors, like your parents’ ages.

What to do if you don’t qualify for financial aid

If you’re wondering how to pay for college if you don’t qualify for financial aid, you’re not alone! Families can choose from a few different options to pay for college, including:

• Academic scholarships
• Athletic scholarships
• Merit scholarships
• Private student loans or student loans for parents
• Part-time jobs or paid internships
• Payment plans

Questions for parents to ask about financial aid

It’s important that student-athletes and their families establish a college budget early in the recruiting process. By asking the right questions, parents can help their athletes better understand the amount of financial aid they will need to attend their top schools. Watch NCSA recruiting experts, David Kmiecik and John Pugliese, break down 5 questions for parents to ask when considering the best financial fit for their student-athlete.

• How much are you willing to pay for college and how much responsibility will fall on your student?
• Does your student qualify for scholarships or other financial aid?
• Is the campus area’s cost of living doable?
• Will your student need a work-study program or job to help cover the cost of tuition?
• Are you/your student willing to take out loans?