The gymnast, who has 7.2 million followers on TikTok and another 3.7 million on Instagram, is “very grateful to be making seven figures a year” through endorsements

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Published on March 6, 2023 09:00AM EST

Olivia Dunne. PHOTO: BRANDON GALLEGO

When the NCAA announced in July 2021 that they would finally allow student-athletes to earn money off marketing deals, everyone around Olivia Dunne knew she was about to lead the charge.

The All-American gymnast, 20, already had a massive following on social media from her years in the sport. Dunne began training at age 3, became the youngest USA International Elite gymnast at 11 years old and won gold with the USA Junior National Team in 2017. By age 16, she was up to 100,000 Instagram followers, and her TikTok — filled with videos of her doing impressive flips — soared in views when the pandemic hit in 2020.

Dunne earned a full scholarship to Louisiana State University, and when the NCAA agreed to the new Name, Image and Likeness (NIL) policy, “that’s the moment my life changed,” she tells PEOPLE for the annual Women Changing the World issue.

“There was no roadmap of how to do school, your athletics and social media all at the same time. There’s really no one that’s ever done it. And I figured I could change that. I could pave the way and be a good example to young girls that look up to me.”

 LSU Gymnast Olivia Dunne Asks Fans to ‘Be Respectful’ After They Crowded Outside the Stadium Following Meet

Suddenly, brands were lining up to work with Dunne, who currently has 7.2 million followers on TikTok and another 3.7 million on Instagram. Her first deal was with the clothing brand Vuori, “and I’m still with them to this day,” she says.

Dunne is now the highest-paid NCAA female athlete, and is “very grateful to be making seven figures a year.”

It’s something she would not have been able to do until after college, if not for the NIL policy — and there’s no guarantee it would’ve happened at all another two years down the line.

“With gymnastics, you peak when you’re about 15 years old,” Dunne explains. “After college, there’s nothing really for gymnasts.”

“There’s so many professional leagues for men’s sports after college, but there’s such a small timeframe for women to capitalize.”

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Dunne, along with fellow gymnast Sunisa Lee, are the only two women among the top 10 highest earners in the NCAA. Her goal is to change that, and help other female students — including those outside of athletics, who can also take advantage of the NIL policy — understand their marketability.

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“Opportunities for men and women in NCAA sports should be equal. But a lot of the NIL collectives only go to men’s athletics,” she says. “I want to show you can do whatever you love — whether it’s gymnastics or music or painting — and capitalize on it and create your own business.”

For more about Olivia Dunne and women changing the world in 2023, pick up the latest issue of PEOPLE, on newsstands Friday.