Beginning on July 1, NCAA athletes across the country will legally be permitted to profit off of their name, image and likeness.

The NCAA Board of Directors approved an interim name, image and likeness (NIL) policy at a meeting on Wednesday morning, which allowed athletes to earn NIL compensation beginning on Thursday.

The new NIL ruling does not allow schools to directly pay their athletes, but is a huge step for collegiate athletes across the nation.

“This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities,” NCAA President Mark Emmert said in a press release. “With the variety of state laws adopted across the country, we will continue to work with Congress to develop a solution that will provide clarity on a national level. The current environment — both legal and legislative — prevents us from providing a more permanent solution and the level of detail student-athletes deserve.”

A number of collegiate athletes across the nation have already announced their plans to cash in beginning on Thursday. For example, Iowa basketball player Jordan Bohannon previewed a line of clothing, under his brand name of “JO3.”