University of Memphis men and women’s basketball players will receive a full cost of attendance for the academic year.
The $5,373 the men and women’s basketball student-athletes will receive is the second highest amount in the American Athletic Conference, only the University of Cincinnati ($6,082) has a higher amount.
In addition, $3,000 stipends will be awarded to student-athletes competing in head count sports – those in which the NCAA restricts the number of student-athletes on scholarship – football, volleyball and men’s tennis student-athletes. Female student-athletes competing in equivalency sports will receive a stipend, which will be equal to a percentage of their grant and aid up to $3,000. Male student-athletes in other sports i.e. track and field will not receive a stipend this year.
University financial aid offices set figures for the actual cost of attendance, which essentially cover meal plans, travel and cellphone bills, at their colleges. It’s done mainly so students can determine how much financial aid they may need or how much they can obtain in order to the institution, according to the CBS Sports database. An athletic scholarship covers books, fees, tuition along with room and board.
This is another sign of Memphis – and the AAC – trying to keep up with the Power Five conferences: the Southeastern, Atlantic Coast, Big 12, Big Ten and Pacific 12. Earlier this year, the Power Five conferences voted to have its member schools pay for the cost of attendance, and other non-power conferences – including the AAC – have also committed to paying for cost of attendance to remain competitive.
However, not every school has the same cost of attendance and expenses – that can create problems in the future. In the American, the difference between the lowest cost of attendance a three-way tie between Tulsa, Tulane and Temple ($2,500) and the highest cost of attendance Cincinnati ($6,082) is more than $3,500.
The University also said in the press release the stipends will be provided in to the student-athletes in equal installments throughout the year.