The NIL world is still pretty new. Of course you have questions! As NIL experts within Georgia, we are excited to provide some guidance. If you want to become an expert on NIL yourself, our Framework NIL courses can teach you everything you need to know! In the meantime, we’ve answered some frequently asked questions down below (because we’re awesome).
Who can participate in NIL in Georgia?
Student-athletes within the University System of Georgia, the Technical College System of Georgia, or who attend an independent or private college or university can receive compensation for NIL activities thanks to the passing of Georgia House Bill 617.
High school athletes cannot yet participate in NIL activities. However, you can prep for NIL at the college level by crafting your brand and building up your social media presence.
How much should I charge for a sponsored social media post?
Although not all brands you collaborate with will give you a paycheck with every sponsored post, it’s important to know your value – and your pricing. Speak with a fellow teammate or other athletes to learn what they charge for their time, social, posts, or merchandise.
I am considering using a sports agent, what do I need to know?
Know that agents will typically take a percentage of your NIL earnings. Make sure you understand how much they will receive from each deal obtained.
Make sure to read your contract with your agent carefully. Understand the length of the contract and whether or not the agent has a right to all of your NIL deal earnings – even those you obtain on your own without the agent.
Do I need to pay taxes on NIL income?
Yes, NIL income is taxed. Student-athletes earning NIL income are generally considered to be independent contractors (aka self-employed) for tax purposes.
One tricky thing to remember is based on compensation type. If an athlete is paid in merchandise, food, or other non-cash compensation, these earnings are still subject to taxation. The athlete is responsible for identifying the fair market value of this swag.
Can NIL income impact financial aid?
Money earned through NIL activities can impact financial aid. Since NIL compensation is taxable, it must be reported on a collegiate athlete’s Free Application for Federal Student Aid (aka FAFSA). An athlete that generates income from NIL deals may be less likely to qualify for need-based and other financial aid to assist with college tuition payments.
What if I have more questions?
We would love to hear from you! Email your questions to contact@victreefi.com!
Want a crash course in NIL? Check out our course on uDemy!
During this course, you will learn about the history of NIL and key legislation that allowed student-athletes to begin to monetize. We discuss how to identify the best NIL contact at each institution and review the disclosure process. You will learn how to determine worth and create a personal brand to market to consumers and businesses. We will identify key statistics you can share with brands to initiate NIL deals. You will discover the financial implications of earning NIL income, including the impact on financial aid and tax payments.
Savannah NIL 