General awards and academic performance awards shall be paid by the corporation or by the Comptroller at the request of the corporation directly to institutions of higher education for the benefit of each eligible student. During the initial academic year a college or vocational institution or branch of a college or vocational institution shall offer approved programs, the president may make payments and prepayments to the college or vocational institution or branch thereof in installments, in trust, or under such other terms and conditions as the president may deem necessary, to assure such payments shall be expended consistent with statutory and regulatory requirements or shall be available for application to the payment of refunds due.