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So why, then, is the money not simply paid directly to the institution, thus completely eliminating any chance the money could be used for something besides payment for educational expenses?

Have you put any thought into why that isn't the way its done?

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This is how it was done for me. I’m not OP. But I didn’t have access to the money at all. It went directly to the school.

If you have a balance after the school pays itself the tuition and fees you owe them then you simply request the bursar distribute the remainder of the funds to your bank account. You then use that money to pay your living expenses.

Of course, if you bought your room and board from your college there would be little to no money leftover after tuition and fees were paid.

Source: Personal experience.

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