Ultimate ability Cooldown not reduced by Scholar, only by items, while normal abilities by both.
Report: So while normal abilities, such as Chaos Volley, are affected by both, the Scholar blood AND the Shard of Frozen Crypt Cooldown Reduction, the Ultimate Abilities are not affected by the Scholar blood.
Example1: I have 100% Scholar blood, no amulet, which is 19,5% Cooldown Reduction alone. My Chaos Volley Cooldown is therefore reduced from 7 seconds to 6 seconds, and quickly ticks over to 5 seconds left (visually proven when it goes on Cooldown). At the same time, my Ultimate cooldown is still 150 Seconds on Merciless Charge. (Not 19,5% less)
Example2: I have 0% blood, with Shard of the Frozen Crypt, which is 10% Cooldown Reduction total. My Chaos Volley Cooldown is still 7 Seconds, but quickly ticks over to 6 seconds left (again, visually proven when it goes on Cooldown). At the same time, my Ultimate cooldown is now only 135 Seconds on Merciless Charge. (10% Less)