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Give student athletes low interest personal loans?
Posted on 8/18/11 at 8:49 am
Posted on 8/18/11 at 8:49 am
One of the only ways I can think to "solve" the problem in a manner in which the NCAA would be happy is to give athletes the option of taking out personal loans during the semesters in which they're playing a collegiate sport. The responsibility would become the athlete's to (a) get a degree and a job to pay back the loan (like virtually every other student) or (b) go pro and pay it back that way.
The loans would have to be very low interest and for small sums of money (say $2-3,000 per eligible semester). They could only be paid back once a player graduates or withdraws from school (thus diminishing, but not completely eliminating, the risk of a booster paying back the loan).
Then you make the penalties for receiving other benefits as harsh as you want. Is it fail-safe? No. Also you have to determine which financial or governing body administers the loans and what happens in the event payment can't be made (you know, like in the real world). Just a thought.
The loans would have to be very low interest and for small sums of money (say $2-3,000 per eligible semester). They could only be paid back once a player graduates or withdraws from school (thus diminishing, but not completely eliminating, the risk of a booster paying back the loan).
Then you make the penalties for receiving other benefits as harsh as you want. Is it fail-safe? No. Also you have to determine which financial or governing body administers the loans and what happens in the event payment can't be made (you know, like in the real world). Just a thought.
3
Posted on 8/18/11 at 8:57 am to Stagg8
quote:
Give student athletes low interest personal loans?
Why? They can get student loans just like everybody else.
Posted on 8/18/11 at 8:58 am to Stagg8
we saw how great giving out loans to debtors with poor or no credit worked out for the housing market
Posted on 8/18/11 at 8:59 am to Ford Frenzy
most of them get loans anyway.
Posted on 8/18/11 at 9:02 am to ATLwreck
The replies thus far are pretty much my point, except in my hypothetical situation the loans are standardized by the NCAA.
This would be the only form of "benefit" permissible other than a player actually getting a job during the Spring or Summer semesters.
The argument about giving "bad loans" is irrelevant as this would be an alternative to the major theory out now that you should just pay players. In this scenario, you might actually get some money back.
This would be the only form of "benefit" permissible other than a player actually getting a job during the Spring or Summer semesters.
The argument about giving "bad loans" is irrelevant as this would be an alternative to the major theory out now that you should just pay players. In this scenario, you might actually get some money back.
Posted on 8/18/11 at 9:06 am to Stagg8
Most of them get signed up for the pell grant
Posted on 8/18/11 at 9:08 am to ATLwreck
quote:
Most of them get signed up for the pell grant
What is "most" exactly? 51%?
Whatever action is taken by the NCAA has to apply to 100% of athletes. Pretty sure Pell grants have rules of eligibility.
Posted on 8/18/11 at 9:09 am to Stagg8
I doubt you'll find any bankers willing to give athletes discounted loans.
Eta: and hell no you cannot use taxes to make up the difference.
Eta: and hell no you cannot use taxes to make up the difference.
This post was edited on 8/18/11 at 9:11 am
Posted on 8/18/11 at 9:12 am to crimsonsaint
It would have to be done through the NCAA somehow. That's the kicker. However, like I mentioned earlier, there have been serious talks as to the feasibility of outright paying athletes. If the money is there to even have a discussion for payin athletes, then loans should be a more viable option.
Posted on 8/18/11 at 10:25 am to Stagg8
quote:
The argument about giving "bad loans" is irrelevant as this would be an alternative to the major theory out now that you should just pay players. In this scenario, you might actually get some money back.
They aren't trying to get money back. They are trying to level the playing field and eliminate the outside influences.
They can get loans now just like anyone else, why would this be any more appealing to a kid? How would this eliminate the booster paying the kid?
It wouldn't. You make your penalties harsh like you say, and the kid says "take a loan out I have to pay back and I could get hammered on, or take some free money I could get hammered on?"
Posted on 8/18/11 at 10:32 am to KBeezy
quote:
"take a loan out I have to pay back and I could get hammered on, or take some free money I could get hammered on?"
Sanctions never really have and never will be levied against players but the institution.
Posted on 8/18/11 at 10:40 am to Stagg8
as if paying athletes or giving loans will stop any of this. I am sure Kellen Winslow Jr had no need for more money while at Miami, but he still took money and benefits.
Posted on 8/18/11 at 10:50 am to mgdtiger
Nothing will be done to eliminate all indiscretions. Ever. Can we all just agree on that?
The point is... is this something that could be organized and normalized by the NCAA allowing for all athletes that would eliminate the excuse of "but they can't work durin the season."
Would this provide necessary living funds for students? Would this allow the NCAA to come down hard on institutions proven to have looked the other way?
Look, we can argue "amateur status" all day and talk about how ridiculous it is. In doesn't change the fact that the NCAA will never do away with it. Therefore, would such loans be a viable option?
ETA: I hate my iPhone.
The point is... is this something that could be organized and normalized by the NCAA allowing for all athletes that would eliminate the excuse of "but they can't work durin the season."
Would this provide necessary living funds for students? Would this allow the NCAA to come down hard on institutions proven to have looked the other way?
Look, we can argue "amateur status" all day and talk about how ridiculous it is. In doesn't change the fact that the NCAA will never do away with it. Therefore, would such loans be a viable option?
ETA: I hate my iPhone.
This post was edited on 8/18/11 at 10:52 am
Posted on 8/18/11 at 10:51 am to Stagg8
The last thing this country needs is more irresponsible consumer credit. Banks are being stingy with lending as it is, why would they start making cheap loans to a high-risk demographic?
Posted on 8/18/11 at 10:56 am to OFWHAP
quote:
Banks
Alright. I'm done with this thread.
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