الجواب حامدا و مصلیا
In the mentioned situation, it is not correct to give Zakat money as a debt before possession of it given. Similarly, it is not correct to give a debt from Waqf funds even after the money has been given as Waqf. However, if the person who the dept is given to is reliable and one is not worried about him wasting the money, then he can be given money as a debt by the permission of the organizers of the madrasa. But it is better to give that amount of money that will be easy for him to return, otherwise the creditors will be held responsible.
And Allah knows best.