I hate to sound suspicious, but all of this sounds shady to me. You're saying its too complicated for her to open her own bank account but you are proposing having the school send the money to your account and you just hand her the cash?

No, your friend just needs to talk to financial aid office and tell them about her unique circumstances. I can almost guarantee you the financial aid office has dealt with situations like this in the past.

If you are trying to figure out whether the financial aid system checks to see if the account that money is being routed to belongs to the student and sends a red flag if it doesn't, that sounds like you are some sort of criminal identity thief.