Portal Question?

Curious to know how this works. If you enter the portal, do you immediately loose your benefits ie. scholarship, housing, medical, meals and all the other things that go along with being a member of the team. Also do most players entering the portal already have a plan in mind, that is have they been contacted by interested party assuring them of interest in their services. Also are these players represented by an agent or someone who functions as a negotiator in the NIL era. Seems risky to jump into the portal waters without a plan or foreknowledge of your worth and potential.