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