|
|
| |
| Federal
Record Retention |
|
|
| |
Federal Record Keeping
608 Record Retention (source: Audits of Federal Student
Financial Aid Programs Handbook)
Except for audit or related questions (see below), the
institution must keep records for a minimum three-year
(formerly five-year; see Note below) period. The beginning
of the three-year period, however, depends on the type
of record involved, as indicated by the following:
Most records relating to the institution’s administration
of the Campus-based and Pell programs must be kept for
at least
three years after the end of the award year for which
these
funds were awarded and disbursed.
The FISAP report, and any records supporting data in the
report (including "income grid" information),
must be kept for
at least three years after the end of the award year in
which the
FISAP is submitted.
Perkins Loan repayment records, including those relating
to
cancellation and deferment, must be kept at least three
years
after the date on which the loan is repaid, canceled,
or assigned
to ED; furthermore, original promissory notes and repayment
schedules must be kept in a locked fireproof container
until the
loans are satisfied or the originals are needed to enforce
the loan obligation).
FFEL and FDL records relating to a student or parent
borrower’s eligibility and participation must be
kept for at least
three years after the end of the award year in which the
student
last attended.
All other FFEL and FDL records relating to the institutions
participation, including records of any other reports
or forms,
must be kept for at least three years after the end of
the award
year in which the records are submitted.
All records involved in any loan, claim, or expenditure
questioned
by a Title IV audit, program review, investigation, etc.
must be
retained until the later of (1) the resolution of that
questioned item,
or (2) the end of the normal retention period applicable
to the
record.
Note: The change in retention from a minimum of five years
to a minimum of three years results from the Improving
America’s Schools Act of 1994, which became effective
on October 20, 1994, and which amended the General Education
Provisions Act. Final regulations from ED to implement
this amendment were published on November 27, 1996 (effective
July 1, 1997).
|
|
|
| |
| |
|
|
|
