All records of each student who is a borrower under the future teacher loan fund shall be so identified in the office of the registrar at each eligible institution. An official certified copy of such records may be released, and/or the student may reregister in the eligible institutional only upon certification by the designated institutional representative that the borrower's account is in good condition. Exceptions to this rule must be approved by the commissioner in advance of release of an official certified copy of the records or reregistration.