What kind of contract is a scholarship?
A scholarship agreement is a legal contract between a giver and a scholarship recipient that governs the terms of their relationship. The contract outlines the basic details about each party, how much scholarship money is being granted, and what criteria the recipient must meet in order to receive the scholarship.
Are scholarships actual money?
These financial awards differ from student loans in that they dont have to be repaid. So, to answer a question we often hear, if you get a scholarship, you do not have to pay it back. Students might receive the money directly as a check in their name. In other cases, the money is given to the students school.
Is signing an athletic scholarship binding?
A coach may decide to extend a verbal scholarship offer at various points in the recruiting process. However, these offers are non-binding; they are unofficial verbal contracts between a coach and athlete. Nothing is set in stone until the student-athlete signs their national letter of intent.
Can a coach take away your scholarship?
If a coach offers a prospective athlete a multi-year scholarship, the athlete will have a guaranteed scholarship for at least two years. They can only lose their scholarship if they commit a felony, violate a team or school rule, or quit the team.
Is a scholarship considered a contract?
However, its important for students and parents to understand that while an athletic scholarship is a huge benefit to the student, it is also a contract.
Are scholarship offers binding?
A scholarship offer is not a guarantee Its important to note that when a coach extends a verbal scholarship offer, its non-binding. This means that the scholarship will be granted if certain requirements are met, and one of them is signing the National Letter of Intent.
What happens if you get a scholarship and don t go to college?
Many times if the student has not enrolled in classes during those 12 months, it expires. In almost all cases, scholarships are put directly towards your colleges tuition and expenses, rather than a check sent to you. If you choose not to go to school, it will not be put in a savings account for later use.
How is scholarship money given?
Students might receive the money directly as a check in their name. In other cases, the money is given to the students school. When that happens, the student would then pay the school for the difference in any money owed for tuition, fees, room, and board.
What is the scholarship acceptance contract?
A scholarship agreement is a legal contract between a giver and a scholarship recipient that governs the terms of their relationship. The contract outlines the basic details about each party, how much scholarship money is being granted, and what criteria the recipient must meet in order to receive the scholarship.
What happens if you get a scholarship and don t go to college?
Many times if the student has not enrolled in classes during those 12 months, it expires. In almost all cases, scholarships are put directly towards your colleges tuition and expenses, rather than a check sent to you. If you choose not to go to school, it will not be put in a savings account for later use.
