Borrower's Loan Records

Records that document all Federal Perkins Loan, FWS, FSEOG, Federal Pell Grant, ACG, or National SMART Grant Program and National Direct Student Loans. File may include repayment schedules; statements of rights and responsibilities; records of actions taken; correspondence; and other related records.

Category

Student Records

Maintainer

Student Financial Services

Retention Period

Unless otherwise directed by the Secretary-- (1) An institution shall keep records relating to its administration of the Federal Perkins Loan, FWS, FSEOG, Federal Pell Grant, ACG, or National SMART Grant Program for three years after the end of the award year for which the aid was awarded and disbursed under those programs, provided that an institution shall keep-- (i) The Fiscal Operations Report and Application to Participate in the Federal Perkins Loan, FSEOG, and FWS Programs (FISAP), and any records necessary to support the data contained in the FISAP, including ``income grid information,'' for three years after the end of the award year in which the FISAP is submitted; and (ii) Repayment records for a Federal Perkins loan, including records relating to cancellation and deferment requests, in accordance with the provisions of 34 CFR 674.19; (2)(i) An institution shall keep records relating to a student or parent borrower's eligibility and participation in the FFEL or Direct Loan Program for three years after the end of the award year in which the student last attended the institution; and (ii) An institution shall keep all other records relating to its participation in the FFEL or Direct Loan Program, including records of any other reports or forms, for three years after the end of the award year in which the records are submitted; and (3) An institution shall keep all records involved in any loan, claim, or expenditure questioned by a title IV, HEA program audit, program review, investigation, or other review until the later of-- (i) The resolution of that questioned loan, claim, or expenditure; or (ii) The end of the retention period applicable to the record.

Citation

34 CFR 668.24

Disposition Instructions

Confidential destruction is required. Paper must be shredded, pulped, or incinerated; electronic records must be overwritten or the storage media physically destroyed. Deletion of information in computer files or on electronic storage media is not sufficient.

Last Updated: December 31, 2008