The financial agreement binds the athlete to absolutely nothing and can be signed at any time. However, the school remains required to maintain its final agreement if the athlete decides to participate. If an excellent basketball goalie points his heart to Kentucky, but Kentucky didn`t offer a scholarship at first, he couldn`t sign a letter of national intent to go. Well, if the Kentucky rookie gets down on his knees in a pick-up game or in his baseball year, Kentucky could call. In the meantime, Point Guard could have already signed financial agreements with Duke, North Carolina, Oregon and Syracuse… And leave them all. A school that thought it was going to have the star athlete may end up empty-handed if it signs a financial aid contract at another location. For now, it is only elite athletes, such as former UNLV basketball player and Gorman High School product Stephen Zimmerman, who can opt out of the declaration of intent and opt for the financial aid agreement. Zimmerman was in high demand before choosing UNLV. We receive a lot of calls and emails from parents of student-athletes asking questions about NCAA scholarships and financial aid agreements.
There is no doubt about this, the calculations of sports scholarships can be difficult to understand, because of the different types of scholarships used and some of the terminology used. Signing a grant contract does not end the process of recruiting an athlete. “It`s becoming more and more popular because he can`t pack it in one place,” said Eric Toliver, associate athletic director for compliance at UNLV. “And with the coach`s carousel, he at least leaves his option open, so they don`t have to try to get out of an NLI when the coach leaves.” An athlete can still only sign a national memorandum of understanding. If he wanted to and had the offers, the athlete could sign an unlimited number of financial aid agreements and then always choose which school he wanted to go to. The financial agreement also gives the athlete the opportunity to see what might open up. If the athlete signs the National Memorandum of Understanding, he or she is tied to the school, even if the coach leaves. He could appeal, but there is no guarantee that he will win. The financial agreement allows him to wait.