Perkins Loan Program Records
Records that document each borrower's payment history (showing date and amount of each repayment) and amount of each repayment credited to principal, interest, collection costs, and penalty or late charges. File may include contact with borrower or endorser, correspondence, reports, and other related records.
Retain for three years after loan repayment or assignment to U.S. Department of Education. Schools must retain all required records for a minimum of three years from the end of the award year. However, the starting point for the three-year period is not the same for all records. For example, some Campus-Based program records must be kept for three years from the end of the award year in which the funds were awarded and disbursed.
34 C.F.R. 668.24; 34 C.F.R. 674.19
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