(a) The annual award to any recipient may be paid as required by federal laws and regulations governing the Guaranteed Student Loan Program.
(b) Payments under this chapter shall be made by the State Treasurer upon certification by the board of final approval of the recipient of each loan.
(c) Payments shall be made directly to the approved institution attended or to be attended by the student named in such certificate by check or transfer of funds made payable to the institution and accompanied by a student roster.
(d) In the event a student on whose behalf an award has been paid shall not be enrolled and carrying a minimum academic load or program as of the fifteenth classroom day following the beginning of the term for which such award was paid, the institution shall refund to the state the amount paid on behalf of such student. If at any time during the period of the loan, the student withdraws and is entitled to any refund or remittance of fees or tuition, such amount shall be repaid into the fund.
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