scholarship?

[vbweit]

I was wondering if any one else was aware of the fact that on a volleyball scholarship, you get to buy the books that you need for your classes on that scholarship, but those books must be returned at the end of the semester or quarter. I'm not sure if that is true for all schools, I have two daughters on D1 scholarships at two different schools and they both have to do this.

[georgia(pacific)girl]

So? They will have less junk to bring home with them at the end of the year. If they need to keep the book, couldn't you just buy it outright? Seems like a cheap way to go to me. Buying an occasional book... C'mon, I doubt you're going to get any sympathy from those who have daughters that don't have volleyball scholarships.

[BonJoeV]

Great analysis PacG. No sympathy here, maybe vbweit likes the dusty aroma of old books? ;D

PS I don't think the Vandal gets to keep her books.

[Lwood]

vbweit said:

I was wondering if any one else was aware of the fact that on a volleyball scholarship, you get to buy the books that you need for your classes on that scholarship, but those books must be returned at the end of the semester or quarter. I'm not sure if that is true for all schools, I have two daughters on D1 scholarships at two different schools and they both have to do this.

I will actually answer your question and not make a pathetic attempt to be funny.

The process you described is how it works for most NCAA schools that give student athletes a book scholarship (DI and DII). The student is provided with books to use for the semester. At the end of the semester they return them to the bookstore. Essentially what is happening is that the bookstore is buying back the books. They buy back books from students each semester at a wholesale price and then resell them as used books. When your daughters return their books the book store returns the money to the athletic department. This is basically a cost saving measure and a risk management procedure. It keeps programs from violating NCAA rules regarding money to players. This process was developed after a couple of high profile programs were sanctioned for giving students cash to buy books.

Something many student athletes don't realize is that they can buy any of the books they want to keep at the buy back price. Which means they will get a brand new book at the wholesale price. Some institutions may allow students to keep specific books in their major if the student request to do so. Your daughters would need to speak to the athletic department's compliance officer to find out.

[macpahl]

It's not universal across schools. When I was in school, I definitely got to keep all of the books that I bought with my scholarship money. Sometimes I returned them, but I kept the money that I got through the book buy back.
I guess each school does it differently...

[HoosierDaddy]

I have heard that the room and board portion of the scholarship is considered by the IRS to be taxable income. Do most colleges track this and send the student a 1099?

[Lwood]

HoosierDaddy said:

I have heard that the room and board portion of the scholarship is considered by the IRS to be taxable income. Do most colleges track this and send the student a 1099?

I am not aware of schools sending students a 1099. However, even if they did the amount is so small that it would not put the student into a bracket other than exempt.

[HoosierDaddy]

You are right, the tax bill is in the $85 to $150 range, depending on how much other income the student athelete has. I just thought it was ironic that the NCAA calls them student atheletes and the IRS calls it income...

[vbweit]

Thanks for the info, Lwood. I wasn't looking for sympathy, just information. Also, thought it would make an interesting topic, since things are slow right now. I had not heard of this before, it was never mentioned during recruiting, and was a bit surprised. It does make sense though, if it helps keep costs down for the volleyball department. Since few are money making enties, I'm sure that it helps. I kept all my books from college, still use many of them today. If at some point my girls want to keep books they have used for a class, of course I will help them do that.