When this topic first came up ages ago I thought exactly what you are saying. That the loan is made out to the college. I googled it to confirm and lo and behold that does not have to be the case. Check this article out:
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So therefore your first point does not undermine the stories premise.
When the father helped Maya get the loan out, Maya wasn't expecting him to double cross her, he could have filled out forms for her as well (I know my father helped my sister out with paperwork when she got a loan for her car - lucky she's not a lesbian)
So therefore a scenario exists where the father could have underhandedly obtain the funds.
Maya should go get a job, become independent and tell her dad to get fucked, she'd just have to differ college for one year and he'd still have to pat off the loan anyway. But this relies on Maya standing up for herself against a man who has possibly been controlling her entire life.
I imagine the tuition hasn't been paid yet. We know that Mona's scholarship payment was "pending" so maybe full payments aren't due yet. Or maybe he's paid the first semester and is threatening to withhold the rest. And yes, if he doesn't pay the tuition by the due date, he still has to repay the loan, and Maya doesn't get to go to college. That's the entire blackmail, you don't do what I say, you don't get to go to college. The father is obviously hoping Maya will just do what he says and eventually he has to decide to halt Maya's education, or give in to her. He hasn't reached that crossroad yet.
The thing is, for your stance to be acceptable, you need to dispute any possibility of this scenario eventuating at all. For me to argue that it is a legitimate scenario (as the game presents), I only need to come up with one legitimate example, which I have.