No college or university shall adopt, promulgate, or enforce any rule or regulation that requires a student to forego, relinquish, waive, or surrender any financial aid made available to financially needy students by federal or state law, solely on the basis of or as a condition to participation by such student in an intercollegiate athletic program or sport. This section is not violated if the rule or regulation pertaining to such financial aid applies equally and in the same manner to every student eligible to receive such financial aid irrespective of participation in an intercollegiate athletic program or sport.
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