A spin-independent giant magnetoresistance effect is demonstrated in a magnetically modulated two-dimensional (2D) electron gas, which can be realized by depositing two parallel ferromagnets on top of the heterostructure. The transmission for the parallel and antiparallel magnetization configurations shows a quite distinct dependence on the longitudinal wave vector of the incident electrons. Such a discrepancy results in a tremendous magnetoresistance (MR) ratio, which can be up to ${10}^{6}%$ for a realistic electron density. It is confirmed that the MR ratio can be further tuned by the inclusion of an electric barrier. In addition, studies indicate that the structure with antiparallel magnetization arrangement can be used to collimate the 2D electron beam.