Actually, annasdad, work-study earnings are paid directly to the student as they work for and earn their monies. Just like a regular paycheck.
Student loans and merit awards are applied directly to the student's account with any excess being refunded to the student once all bills are covered.
OP, work-study monies are not guaranteed. The student must find their own campus w/s job and be hired. Then they are paid bi-weekly according to the number of hours they've worked.