Section 49-4-302 - Payment of award(a) Students who enroll in a public or nonpublic college or university shall have payments of their awards made directly to the college or university. The college or university shall promptly credit the payments to individual student accounts, if the student owes the institution for any educational expenses. If the student does not owe the institution for any educational expenses, the award proceeds shall be promptly disbursed to the student by the institution.(b) Payments of all awards shall be made in approximately equal installments after the beginning of each academic term, upon receipt by TSAC of evidence that the student is officially enrolled in an eligible institution. All payments shall be transmitted by TSAC to the director of financial aid or other designated official at each college or university to ensure proper handling and distribution.Acts 1976, ch. 415, § 3; T.C.A., § 49-5014; Acts 1981, ch. 32, § 1; T.C.A., § 49-50-114; Acts 2006, ch. 582, § 1.