Postsecondary Education

Student athletes with name, image and likeness (NIL) contracts could soon be required to take financial literacy workshops if legislation by Rep. Dick Lowe, R-Amber, becomes law. House Bill 1305 would require colleges and universities to offer financial literacy workshops throughout the year to students with NIL contracts. Student athletes would be required to attend at least five hours of workshops within the first two semesters of participating in NIL activities. Each workshop would include information concerning foundational knowledge of budgeting, taxes, contracts, credit and debt management, savings, investments and entrepreneurship. "NIL opportunities can be life-changing for student athletes, but they also come with serious financial responsibilities," Lowe said. "House Bill 1305 ensures that these athletes are well-prepared to manage their earnings wisely, helping them avoid costly mistakes and set themselves up for long-term financial success." HB1305 would also allow colleges to provide free contract review, tax prep and other financial services to student athletes. Colleges could offer a financial course for credit and contract with third parties to provide the workshops, but HB1306 prohibits promotional referral programs or soliciting. Students who fail to complete the requirements would forfeit their eligibility to participate in NIL activities. HB1305 passed the House Postsecondary Committee 7-1 and may now be heard in the House Education Oversight Committee.