If you want to run the below on /etc/passwd file why does it not stop at the end of the first line. At then end of the first line there isn't any :
# seven fields from /etc/passwd stored in $f1,f2...,$f7
while IFS=: read -r f1 f2 f3 f4 f5 f6 f7
echo "User $f1 use $f7 shell and stores files in $f6 directory."
done < /etc/passwd