Student Financial Aid Records
Records that document student eligibility common to all Federal Title IV Aid Programs. Records may include Student Aid Report (SAR), eligibility documentation, correspondence, and other related records.
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
34 C.F.R. 668.24
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