OSFA shall make an award payment to the institution for each semester that the eligible recipient is granted the award. The institution shall certify to OSFA all recipients, on a semester basis, on or before: December 15, for the fall semester; and May 15, for the spring semester. An institution who fails to certify all recipients on a semester basis by the prescribed deadline will not be able to certify recipients for subsequent semester. At the beginning of each semester, institutions shall review billing rosters provided by OSFA to certify, by a deadline determined by OSFA, that the recipients meet the requirements described in this chapter. In order for funds to be disbursed to the institution, the institution at which the student is enrolled shall maintain the student’s FAFSA information on file. OSFA will maintain the applications for students who complete the MSFAA. Institutions shall be responsible for disbursing the funds on behalf of awarded students in a timely fashion.