LJ;786633 wrote:Wait, whats the rule on getting a loan based on your future earnings? Isn't it 1 $25k loan in your final year of eligibility? or $10k? Something like that
This rule came up when it was discovered that Tim Tebow bought a hyperbaric chamber while still at Florida. The link I had previously no longer works, but there was an old OC thread where we discussed it.
Indianapolis, Indiana, May 3, 2001 -- The NCAA board of directors recently voted to allow student athletes to receive money for giving private lessons and also to take out a one time $20,000 bank loan based on future earnings.
According to a report in the Associated Press, to qualify for the loan, a student would have to be considered a likely first round pick in men's basketball, women's basketball or baseball, and at least a third round pick in football or hockey.
Funny thing, on that same thread, lhslep said (before the above info was referenced), "what about all of the those $20,000 cars some OSU football players drive?"
http://www.ohiochatter.com/forum/threads/15190-Tim-Tebow-s-Hyperbaric-Chamber