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The proceeds of the loan will be sent to the college in two installments neither one of which will be more than half the loan amount. If the loan period covers the full academic year, the funds will be divided equally between the fall and spring semesters. The funds will first go to pay any outstanding tuition and fee balance. The remainder will be issued to your parents (or to you if your parents so authorize). Any remaining loan funds must be used for your college expenses.