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Originally Posted by BuckeyePride
As far as money, I think it's paid by the university.
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The student athlete is responsible for paying the premium. The NCAA has arranged for the athlete to obtain financing through a program with US Bank. An excerpt from the NCAA site:
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Student-athletes approved for this program are automatically eligible for a loan, if necessary, through U.S. Bank, N.A., Sports Division, in Cincinnati Ohio. The interest rate is very competitive and a co-signer is not required. The student-athlete is obligated to repay the loan in full when any of the following occurs: (1) the student-athlete signs a professional contract, (2) the disability benefits become available due to a covered injury or sickness or (3) the coverage is no longer in effect and the loan note matures.
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This
link explains the loan program in more detail.