Collegian Venues - your weekend starts here
  Collegian Chronicles



Get a deal with Daily Collegian Coupon Corner
  The Digital Collegian - Published independently by students at Penn State
NEWS
[ Monday, Feb. 20, 1989 ]
 
Counseling panel protects student-athletes from ripoffs

Collegian Staff Writer

The success of the University's three-person counseling panel for student-athletes has been increasing steadily since its 1984 inception, a panel member said.

The University established a three-person counseling panel to instruct athletes on the role of professional agents, tax strategies and financial planning, said Jack Williams, who is also assistant professor in the Department of Administrative Justice.

The panel formed after the National Collegiate Athletic Association called for all its member schools to establish a three-member panel to advise student-athletes.

"The reason for the panel is to make (student-athletes) more aware of the dangers of dealing with agents," Williams said.

Student-athletes at the University have been cooperative in informing the panel when agents contact them, said John Bove, recruiting coordinator for the football staff.

The panel then adds the agents' names into a "file" and researches the agents to make sure they are legitimate, he said.

"I like to think of the panel as the 'Agent Education Program', " said Bove. "While we don't actually screen agents, like Duke University does, we do inform the student-athletes about them."

The panel will hold three seminars this semester, Williams said.

One of the topics to be discussed at the seminars will be the "surprises" that "unscrupulous agents" could put into a contract, such as the different ways agents can charge fees for their services, Williams said. The usual percentage fee for agents is between 3 percent and 4 percent, but agents often try to take advantage of the new college graduates and charge up to 15 percent, he added.

"The average student just out of college wouldn't think that 15 percent is a lot," he said. "But 15 percent of the athlete's total contract amount is outrageous."

The panel also contacts former University football players to come and speak to the athletes about their own experiences in the professional world, Williams added.

"Basically, we're an advisory panel to the football team and anyone else (student-athletes) who would want to talk to us," said Williams. "The panel isn't just limited to the football team alone."

"I think it's an excellent opportunity for a lot of players who don't know that agents could take advantage of you to get information," said Rich Schonewolf, defensive tackle for the football team, who has attended some of the seminars offered. Schonewolf said he plans to become more involved with the program next year, he said.

Student-athletes who enter an agreement with an agent can forfeit their eligibility to compete in collegiate athletics, Williams said.

The NCAA forbids student-athletes from participating in any aspect of a professional sport.

The NCAA Manual states: "an individual shall not be eligible for participation in an intercollegiate sport if the individual takes or has taken pay, or has accepted the promise of pay in any form, for participation of that sport . . . has entered into an agreement of any kind to compete in professional athletics . . . or has directly or indirectly used athletic skill for pay in any form in that sport."

Besides Williams, the panel's members are Randy Woolridge, associate professor of finance and Ken Lusht, a professor of business administration.

Penn State was among the first schools to set up a panel, along with Syracuse and Duke universities, Williams said. More schools are forming panels every day, he said.

"It isn't required that the schools have the panel," Williams said. "It's completely voluntary. Even the members on the panel are volunteers. We don't get paid for our efforts."

 

Send an Opinion Letter to the Editor about this article.


   





TOP  HOME
Blogs  About  Contact Us  Back Issues  Advertising 

Copyright © 2008 Collegian Inc.
Requested: Saturday, September 06, 2008  5:55:15 PM  -4
Created: Wednesday, May 07, 2008  6:08:29 PM  -4