Loan Activity Records

Records that document payments, adjustments, draw advances, address and status changes, cancellations, deferments, postponements on borrower's accounts, and other related records.

Category

Student Records

Maintainer

Student Financial Services

Retention Period

Retain for five years following the date the loan is repaid in full by the borrower or the lender is reimbursed on the claim. However, in particular cases the Secretary may require the retention of records beyond this minimum period.

Citations

34 C.F.R. 682.414; 34 C.F.R. 682.515

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