Who pays for college athletic scholarships?

I'm curious about where the funding for college athletic scholarships comes from. Are these usually paid for by the universities themselves, or are there external sources of funding involved as well?

College athletic scholarships are primarily funded by the athletic departments of the universities themselves. This funding comes from a variety of sources. The most significant contributors are revenue from television contracts, ticket sales from athletic events, merchandise sales, and private donations or contributions from alumni and fans.

While the majority of athletic scholarship money does come from the institution’s athletic department, there are also some external scholarships offered by private organizations, corporations, and foundations. These scholarships, however, are usually awarded directly to the student-athlete and not to the school's athletic department. They might be based on athletic performance, but they usually consider other factors as well, such as academic achievement, leadership, and community service.

Keep in mind, not all athletic scholarships are "full-ride" scholarships that cover all costs of attendance. The amount of an athletic scholarship can vary greatly depending on the sport, the athletic division of the school, and the individual athlete's skill level. Some scholarships might only cover a portion of the costs associated with attending the university. Furthermore, NCAA Division III schools do not offer athletic scholarships at all, but student-athletes can still receive academic scholarships and financial aid.