“Employment” does not include service performed in the employ of a school, college, or university, if such service is performed:

1. (a) By a student who is enrolled and is regularly attending classes at such school, college, or university, or

2. (b) By the spouse of such a student, if such spouse is advised, at the time such spouse commences to perform such service, that:

   1. (1) The employment of such spouse to perform such service is provided under a program to provide financial assistance to such student by such school, college, or university, and
   2. (2) Such employment will not be covered by any program of unemployment insurance or disability compensation.