Updated 1:35 PM: Although the Washington Post article linked below states “Last week, the ‘Power Five’ conferences … passed legislation that will allow schools to provide stipends for their athletes ranging from $2,000 to $4,000 per year,” that is apparently not a hard upper limit, as the initial version of this article interpreted. — WNS
Here are the basic facts about how Virginia Tech will deal with the Cost of Attendance (COA) provisions put in place by the NCAA’s five autonomous “power conferences.”
All data comes from the following links:
- Virginia Tech unveils Pylons of Promise – TechSideline.com
- Virginia Tech commits to scholarship increase – The Roanoke Times
- Virginia Tech will increase value of athletic scholarships – The Washington Post
- Virginia Tech commits to enhancing benefits for athletes – Teel Time (The Daily Press)
Now here are the particulars:
- VT will pay COA of about $2,500 per year, for basic living expenses, such as laundry, travel, entertainment. (Updated 4/10/15 – the number is actually going to be $3,280 for in-state student-athletes and $3,620 for out of state student athletes – click here).
- COA amount is determined by federally-created guidelines that calculate the full cost of attending a university. All schools’ COA will be based on the federal guidelines.
- VT is not allowed to pay more than the $2,500 sum, calculated per the federal guidelines.
- VT’s COA payout of $2,500 puts it “middle of the pack” in the ACC, per Whit Babcock.
- All scholarship athletes in all sports at Virginia Tech will receive COA.
- Athletes on partial scholarship will receive a share in proportion with their scholarship (75% scholarship athlete will receive 75% of COA).
- VT has 195 athletes on full scholarship and 196 on partial scholarship.
- COA will cost Virginia Tech about $900,000 per year.
- Tech’s athletic scholarships for 2014-15 cost $12.2 million. The $900k will be in addition to the $12.2 million next year, plus whatever increases occur in tuition, fees, etc.
- Tech’s athletic expenses in 2013-14 (most recent available numbers) were $73 million.
- VT has cash reserves to cover initial COA expenses, but long-term, the Hokie Club will be tasked with raising the extra $900k.
- Student athletic fees will not be increased.
Notes on Scholarships
Scholarships “may be awarded on an annual or multi-year basis.”
Tech will also offer four-year scholarships for “deserving” athletes, though Tech AD Whit Babcock said he believes all will eventually receive the four-year provision.