Any college student or other individual, who is under 18 years old and is eligible for or is receiving benefits from any State scholarship, loan, tuition grant, remission of fixed charges, fellowship, federal or State student loan program, or any other student financial assistance:
(1) May execute notes, contracts, or agreements necessary to obtain these benefits in the same manner and with the same effect as though he were 18 years old; and
(2) May not assert the disability of infancy as a defense in any action brought against him with respect to these benefits.