We all want our athletes to be the best they can be. And we want them to achieve their wildest dreams imaginable, and hit those goals and milestones like a boss. We want them to succeed in their sporting career, we also want them to have something to fall back on. Sport is not a forever option. In gaining a good education, our athletes can be as successful off the field, as they are on the field. This post will give you some ideas on how you can avoid a lifetime of college debt for your athlete.
Drop the Fear, Stress, and Overwhelm
There is a way you can thoroughly enjoy the college experience with your athlete. It is possible to go through the entire occasion without the stress, overwhelm, and fear. You won’t need to wonder how you will pay the mortgage. Nor will you need to skip important items on the shopping list. You can say goodbye to any financial fears. Be comfortable knowing that your athlete won’t be paying off college debt well into their thirties. Who doesn’t want that for their star athlete right? So it’s time to drop the fear, stress, and overwhelm! Get on with this joyous occasion you will remember with your athlete for many years to come. In the future, when your telling stories to your family, make the conversation one of joy, happiness, and laughter. Don’t let it be a conversation you would rather keep locked in the memory box.
Begin Your Budget Now
The most obvious thing to do right now, is to begin your budget. Start right now. You can grab a copy of my free college budget template here to help get you started https://mailchi.mp/cccc1018767b/promotingelevatingathletes.
Start Creating Your Lists
Make a list of everything you know your athlete will need and want while they are at college. This would be living expenses, personal items, travel costs, shopping trips, entertainment, technology, phone and internet costs etc. Now, create an estimate of what they would cost over one year, then what they will cost over 4-6 years. Once you have those worked out, you will need to think about academic and tuition costs.
Again, you want to first create a list of what your athletes expected academic and tuition costs will be. Academic and tuition is just that. These are only the costs of having a service of teaching delivered to your athlete. These are the college and universities prices that you see advertised. They don’t include things like textbooks, stationary, tournament and sports fees etc. You can get a fair idea on these fees by visiting each college website. A published price is always the price before any scholarship or grant is applied.
When you put the published price on your list, it’s the maximum you will pay before financial aid is added. This number will be reduced phenomenally, if not all together. You need to know the published price. This is so you can see how many scholarships your athlete will need in order to take that free ride.
From there, you want to create a list of what academic materials and extra fees your athlete will need. It’s best to calculate 4-6 years. Textbooks, stationary, field trips, sports tournament fees, sports travel etc. can come into play here. For now, many of these will need to be estimates. As you move through the process, you will begin to work out more realistic amounts. To begin with however, an estimate will get you started and is a good step in the right direction.
Map It Out Now
Now you have all the items listed you think your athlete will need. Hopefully, over a 4-6 year period. Next, it’s time to start mapping out a budget. This first one doesn’t need to be perfect, but it does need to be started now. Disregarding any scholarships, grant and aid, begin creating a budget. Plan as if you needed to save the entire amount on your lists. You will find it quite overwhelming at first. Within a few months you will laugh at how freaked out you were doing this exercise. Look at how much you need to save each week. Think of the things you may need to sacrifice. It’s clear the only way to keep your athlete from a lifetime of debt, is to map it out now. Start sourcing those scholarships as soon as possible.
Don’t Forget Healthcare
Speaking from experience, I cannot stress how important it is to consider every medical expense that could arise over time. Considering your student is also an athlete, you are going to have to think about what injuries may occur. It’s inevitable. Our athletes are teenagers, and while their bodies are changing, they will experience injury in their college sports lifetime. If an athlete is injured, there is always a risk that they will lose their sports scholarships. Therefore, it’s very important that you have other lifelines in place in the case that this issue arises.
Sourcing scholarships from avenues other than the colleges, can be a very smart move. There are thousands, if not billions, of different types of scholarships out there. You just need to know where to look, and do the research. Gaining different types of scholarships will ensure that your athlete can receive the best medical care and advice. When an injury occurs, it could mean the difference between a short or long recovery time. I have experienced some horrific injuries in my time as an athlete. Without medical expenses being covered, my parents couldn’t afford the best medical care. They had to pay for ambulance rides, consultation fees, and all the specialist appointments which came with expensive tests. It is so important when considering your budget, that you don’t forget healthcare.
Take The Academic Ones Too
Elite student athletes are naturally going to chase sports scholarships. This is fine, and your athlete can find, apply, and be accepted for more than one sports scholarship. However, they can also apply for academic scholarships. To avoid a lifetime of college debt for your athlete, search for other options also. An academic scholarship won’t be taken away from your athlete in the case of injury or illness. If they keep good grades during recovery and rehabilitation, they won’t need to worry about losing a scholarship. And they won’t need to find immediate aid to avoid being kicked out.
One Final Hint
When you’re looking through college websites, make sure you are looking for the prices of the program and degree. Prices vary from degree to degree, and from college to college. For example, a science degree is likely to cost more than someone studying the languages. You never want to under estimate. It’s very important you have an idea on what your athlete would like to study.
Of course, there are many ways you can begin to budget for college. These are merely a few tips to get you started. There are hundreds of different types of scholarships your athlete can apply for. My next post will give you the A-Z on sports scholarships, so keep your eyes peeled for that one.
Come Join My Community of Sports Stars and Their Parents
For information on how to help your elite athlete enter a college of THEIR choice, join my private Facebook group. I host twice-weekly live shows full of valuable information, and there are a ton of amazing resources at your fingertips. And among the serious, we have fun! We have games and competitions, live bonuses, prizes. and gifts. You can join today by following this link http://www.facebook.com/PEAinternational.
Alternatively, you can have a chat with me. We will get the ball rolling with an action plan to begin implementing right away. Schedule a free 30 minute consultation call with yours truly, by following this link https://peainternational.com/free-consultation-call/ . You will have a clear direction on the action steps you should be taking right now. You can focus on the success of your athletes college life. I hope to see you on my calendar. Yours in sport, Brooke Hamilton, CEO, PEAinternational