College Recruiting and Navigating Financial Aid

Tom Kovic

Navigating Financial Aid is an essential component in the college recruiting process. College costs continue to rise, and the family that makes a concerted effort in developing financial aid planning as part of their overall recruiting plan will have a greater chance of gaining an affordable package.

Financial aid is readily available for families who qualify, based on need, merit or athletic ability. In addition, those institutions that do not offer athletic scholarships, or where athletics aid is exhausted, there will be cases where college coaches can assist families in applying for a financial aid pre-read.

These early evaluations can be constructive in providing families with a strong indication of what their family contribution will be in the first academic year of attendance. The college coach is your “point person” here, who can act as an indirect conduit to the office of financial aid to assist the family in a vital area of recruiting.

PRE-READS

Financial aid pre-reads are in many cases a useful tool that many college coaches use as a means of providing prospects and their families with a “ballpark” figure as to what the family can expect to pay for a college education. Therefore, it is vital that the family request a pre-read early in the recruiting process, but not before sincere interest in the coach’s program has been established.

The family should first determine the individual institution’s policy on financial aid pre-reads through direct communication with the college coach. Furthermore, to receive a timely and accurate financial aid pre-read, the following information is required from the office of financial aid:

Prior year income/business taxes with all W-2 forms.
Divorced/separated paperwork (if applicable).
Completed monthly budget worksheet (provided by the coach).
Admissions data (standardized test scores, class rank).

Turnaround time in completing the pre-read is about two weeks and this information should offer a close estimate to what the family financial aid breakdown will be for the coming cycle. Consequently, financial aid packages can change from year to year based on changes to personal family finances.

MATCHING PACKAGES

Some institutions will attempt to “come in line” with financial aid offers from other institutions. Matching typically occurs with schools from the same conference, or similarly “select” colleges. It is good to make a comparison, but out of respect for the college coaches, I encourage families to compare financial aid packages with those schools that are serious potential choices. In addition, the college coach is your “go to guy” in this process, and clear and timely communication will facilitate the process!

INTERNAL SCHOLARSHIPS

Most institutions offer “internal scholarships” where student-athletes could be looked at favorably. Research the colleges on your radar for all institutionally related scholarships (academic, community), especially leadership grants, which seem to be gaining popularity. These awards are selective and reward the “cream of the crop,” prospects and those with substantial financial need. Communicate your financial aid concerns with the college coach, who may recommend potential candidates for consideration of these awards.

It is important that the family share with the coach any outside offers or completed financial aid pre-reads from other college institutions and determine where your child ranks in the coach’s recruiting priority. If the student-athlete is considered a blue-chip prospect, carefully probe the coach’s intent to ask the office of financial aid to take a hard look at the family’s request to determine if there are any options to possibly “sweeten the pot.”

The four-year college experience is a tremendous investment in our children’s future. Consequently, the premiums for a quality college education are rising, and families should begin preparing for the financial component of college recruiting early and with enthusiasm.