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RRDS Financial Aid Records

Records Retention & Disposition Schedule

Financial Aid Records

Schedule Number 166-450-0045

Federal Title IV, Program Records, Institutional
Schedule Number:  166-450-0045 (1)

Records document eligibility to participate in and the school's administration of Federal Title IV and programs. Records include:

Accreditation reviews,
Audits and program reviews,
Consortia Agreements between and among schools,
Education program eligibility records,
Institutional Program Participation Agreements,
Recertification records,
Reports,
State agency reports.

Records include other records, as specified in regulations, that pertain to factors of financial responsibility and standards of administrative capability.

(a) Agreements
Retention:  6 years after expiration

(b) Records pertaining to borrower eligibility.
Retention:  3 years after the end of the award year in which the student borrower last attended the institution

(c) Fiscal Operations Report, Application to Participate and supporting documentation.
Retention:  3 years after the end of the award year in which the FISAP is submitted (that is, 4 years)

(d) Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review.
Retention:  until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer

Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

SEE ALSO: 
Accreditation Records, Institutional
Fiscal Records and Reports

FFELP and Direct Loan Records
Schedule Number:  166-450-0045 (2)

Records relate to Federal Family Education Loan Program (FFELP) and Direct Loan Programs.   Records may include but are not limited to: 

Applications,
Disbursement records,
Eligibility (student and/or parent) records,
Promissory notes,
Student Status Confirmation Reports (SSCR).

(a) Records relating to a student or parent borrower's eligibility.
Retention: 3 years after the end of the award year in which the student borrower last attended the institution

(b) Other records relating to the participation in FFELP or Direct Loan Program.
Retention: 3 years after the end of the award year in which the records are submitted

(c) Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review.

Retention: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer

Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

Financial Aid Annual Reports
Schedule Number:  166-450-0045 (3)

Records document cumulative loan activity of each fiscal year through a required year-end report made to the U. S. Department of Education. Records may include but are not limited to:

(a) 
Audit reports, 
Exhibits, 
Findings, 
Rebuttals.
Retention: 20 years

(b) 
Other records,
Related documentation and correspondence,
Schedules and instructions,
Working papers.

Retention: Until completion of audit

Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

Fiscal Records and Reports
Schedule Number:  166-450-0045 (4)

Records document Federal Title IV Aid transactions, including receipt, management and disbursement of funds. Records include all Title IV program transactions including but not limited to: 

(a) 
Fiscal Operations Report, Application to Participate (FISAP)
Retention: 3 years after the end of the award year in which the FISAP was submitted (that is, 4 years)

(b) 
Other records:
Bank statements for all accounts containing Title IV payments, cash disbursements, refunds, and repayments,
Federal work-study payroll records,
General ledgers (must be separate from school's other financial transactions),
Related ledgers that identify each Title IV program transaction. 
Supporting data appearing on required reports:

Accrediting and licensing agency reports, 
Audit reports and school responses,
ED Payment Management system cash requests and   quarterly or monthly reports,
Federal Pell Grant Statements of Account,
State Grant and Scholarship award rosters and reports,
Title IV program reconciliation reports.

Retention:  3 years after the end of the award year unless otherwise specified
Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

Perkins Loan Program Records
Schedule Number:  166-450-0045 (5)

Records relate to Perkins Student Loan, National Direct Student Loan, and Nursing Loan; and show 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.  Records include documentation of each contact with borrower or endorser in collection of overdue loan, including date, nature, result of the contact, and copies of all correspondence, collection agency reports, and litigation records. 

(a)
Records relating to the administration of the loan

Retention: 3 years after the end of the award year for which aid was awarded and disbursed

(b)
Fiscal Operations Report, Application to Participate and supporting documentation

Retention: 3 years after the end of the award year in which the FISAP is submitted

(c)
Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review

Retention: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer

Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

Student Consumer Information Records
Schedule Number:  166-450-0045 (6)

Records apply to all schools participating in Federal Title IV Aid Programs. Records may include but are not limited to: 

Campus security report and timely warnings,
College catalog and term class schedules,
Documentation supporting all calculations and statistics,
Drug and alcohol abuse prevention information,
Drug-free workplace information,
Equity in Athletics Disclosure Act (EADA) records,
FERPA records,
Right to Know - completion or graduation and transfer-out rates,
Student handbook or other publications

Retention: 3 years after the end of the award year in which information was published
Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

SEE ALSO: 
Student Academic Advising Records
Student Academic Records
Student Handbooks

Student Financial Aid Records
Schedule Number:  166-450-0045 (7)

Records document student eligibility common to all Federal Title IV Aid Programs. Records may include, but are not limited to: 

Cost of attendance information,
Documentation of all professional judgments decisions,
Documentation of amount, date, and basis of all refund and repayment calculations for a student (last dates of attendance, grade rosters),
Documentation of need and eligibility for Title IV funds,
Documentation of outside resources,
Documentation of student's satisfactory academic progress,
Documents used to verify applicant data,
Financial aid history information for transfer students,
Student Aid Report (SAR) or Institutional Student Information Report (ISIR) used to determine eligibility,
Student certification statements and supporting documentation,

(a) 
PLUS Records,
Records relating to a student or parent borrower's eligibility
Retention: 3 years after the end of the award year in which the student borrower last attended the institution

(b)
Other records relating to the participation in FFELP or Direct Loan Program
Retention: 3 years after the end of the award year in which the records are submitted

(c) 
Fiscal Operations Report, Application to Participate (FISAP) and supporting documentation

Retention: 3 years after the end of the award year in which the FISAP is submitted (that is, 4 years)

(d)
Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review

Retention: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer

Disposition:  transfer to Records Center, destroy
Responsible unit:  Financial Aid Office

NOTE:  Confidentiality of Records

  • Information may be exempt from public disclosure per ORS 192.502 (2). 
  • If the records contain confidential information, they must be destroyed by pulping, shredding, or incineration. 
  • SEE:  Access & Confidentiality for more details.

SEE ALSO: 
Student Academic Records
Veterans Student Records

Student Records, Institutional
Schedule Number:  166-450-0045 (8)

Records used to establish student admission, enrollment status, period of enrollment and academic progress. Records include:

Ability to benefit test and test results,
Academic transcript,
Admissions application,
Grade rosters,
Student course of study and enrollment history,
Student Status Confirmation Report (SSCR).

Retention: 3 years after the end of the award year in which the FISAP is submitted (that is, 4 years) or until all questions resolved, whichever is longer

SEE ALSO: Student Academic Records