(1) For purposes of this chapter, an athletics grant-in-aid or stipend scholarship from an institution of higher education in which a college student athlete is enrolled may not be considered to limit a college student athlete's right to use the college student athlete's name, image or likeness rights, except as expressly provided in this section.

(2) An athletics grant-in-aid or stipend scholarship may not be revoked or reduced as a result of a college student athlete earning compensation under this chapter, except if otherwise mandated by Federal or State student aid guidelines.