MSU football and men's basketball players to receive $500 a month from local sponsorship.

MICHIGAN — United Wholesale Mortgage said on Wednesday morning it will sponsor all student athletes on Michigan State's football and basketball teams for the 2021-2022 season, according to a news release.

The sponsorship will pay $6,000 a year to more than 130 MSU athletes, which amounts to $500 a month, according to the news release.

Mat Ishbia heads the the mortgage company was a walk-on member of Michigan State's 2000 national championship basketball team.

"The Spartan family sticks together, and that’s what makes MSU athletics so special," Mat Ishbia, president and CEO of United Wholesale Mortgage said.

"Each player contributes to the team in a positive way and we’re excited to help support them, while also helping educate consumers about the benefits of independent mortgage brokers," he added.

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Ishbia also donated $32 million to Michigan State's athletic department in February.

Student athletes were never allowed to profit off their name, image and likeness under NCAA rules and regulations, but that changed in June when the U.S. Supreme Court ruled unanimously that players could.