For purposes of Chapter 2 (commencing with Section 11200) and Chapter 10 (commencing with Section 18900) of Part 6, and notwithstanding any other law, and to the extent permitted by federal law, any grant, award, scholarship, loan, or fellowship benefit provided to any assistance unit member for the purpose of attending an institution of higher education, excluding cash payments made directly by friends or relatives,

shall be exempt from consideration as income for purposes of determining eligibility for benefits or calculating grant amounts pursuant to Chapter 2 (commencing with Section 11200). The funds described in this subdivision shall also be exempt as resources for purposes of determining eligibility for benefits or calculating grant amounts pursuant to Chapter 2 (commencing with Section 11200) for 12 months following the receipt of the funds.