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A National Letter of Intent is signed by a college-bound student-athlete when the student-athlete agrees to attend a Division I or II college or university for one academic year. Participating institutions agree to provide financial aid for one academic year to the student-athlete as long as the student-athlete is admitted to the school and is eligible for financial aid under NCAA rules. Other forms of financial aid do not guarantee the student-athlete financial aid.

The National Letter of Intent is voluntary and not required for a student-athlete to receive financial aid or participate in sports.

Signing an National Letter of Intent ends the recruiting process since participating schools are prohibited from recruiting student-athletes who have already signed letters with other participating schools.

A student-athlete who has signed a National Letter of Intent may request a release from his or her contract with the school. If a student-athlete signs a National Letter of Intent with one school but attends a different school, he or she will lose one full year of eligibility and must complete a full academic year at their new school before being eligible to compete.