Student athletes would also be allowed to hire attorneys and agents to represent them under the new law fully taking effect Jan. 1, 2023.
“Receiving a scholarship should not be the basis to deny athletes further compensation especially when many of them come from traditionally marginalized communities where making ends meet is a day-to-day dilemma,” state Sen. Kevin Parker (D-Flatbush), who sponsored the bill in his chamber, said.
Supporters of the new law say student athletes deserve a cut of the billions raked in each year by American colleges and their athletic department, especially considering the hard work they put into their sports.
And by allowing them to make money while still pursuing a degrees, college athletes are less likely to make risky moves like dropping out in pursuit of a professional contract in leagues like the NFL and NBA.
“It is our hope that [colleges and universities] will continue to look out for the best interests of student-athletes by establishing savings plans for students, as well as a fund for financially distressed student-athletes, as our bill suggests,” Assemblywoman Michaelle Solages (D-Elmont) said of the legislation she sponsored in the lower chamber.
State lawmakers approved the bills last spring by big bipartisan margins.
The NCAA could not be reached for immediate comment Monday evening.