The Business of Being a Student Athlete: NIL Rights and The Need for Financial Education

Recent changes to NCAA rules now allow college athletes to earn money from their name, image, and likeness (NIL), giving them new opportunities but also new financial responsibilities (NCAA, 2021). Many athletes are excited about these chances, but studies show that most financial education programs are short, optional, and designed for general students rather than athletes with irregular or large incomes (Edwards, 2024; Meares et al., 2024). As a result, many athletes have trouble with budgeting, paying taxes, saving, and investing, which can lead to costly mistakes (Soto et al., 2017). This paper looks at the weaknesses of current financial programs and examines targeted programs like “Money 101,” which show that athlete-focused instruction can improve money skills and decision-making (Edwards, 2024). Based on this research, the paper proposes a financial education program designed specifically for college athletes, teaching practical skills for managing NIL income, including taxes, budgeting, and long-term planning. By combining required financial education with NIL opportunities, colleges can help athletes make smarter choices, avoid financial problems, and build long-term financial security (Anderson et al., 2019).