OAR 166-450-0045
Student Financial Aid Records
(1)
Federal Title IV, Program Records, Institutional Records: Records document eligibility to participate and school’s administration of Federal Title IV and programs. Records include Institutional Program Participation Agreement; Recertification; Education program eligibility; Accreditation reviews; and reports; State agency reports; Audits and program reviews; Other records, as specified in regulation, that pertain to factors of financial responsibility and standards of administrative capability; and Consortia Agreements between and amongst schools. SEE ALSO: Administrative Records, Accreditation. (Minimum retention: Agreements: six years after expiration; Records pertaining to borrower eligibility: three years after the end of the award year in which the student borrower last attended the institution; Fiscal Operations Report, Application to Participate and supporting documentation: three years after the end of the award year in which the FISAP is submitted; Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer).(2)
FFELP and Direct Loan Records: Records relate to Federal Family Education Loan Program (FFELP and Direct Loan Programs including but not limited to: Eligibility (student and/or parent); Application; Disbursement records; Promissory notes; and Student Status Confirmation Reports (SSCR). (Minimum retention: (a) Records relating to a student or parent borrower’s eligibility: three 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 FFEL or Direct Loan Program: three 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: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer).(3)
Financial Aid Annual Reports: 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 schedules and instructions; working papers; exhibits audit reports; findings; rebuttals; and related documentation and correspondence. (Minimum retention: (a) Audit reports, exhibits, findings, rebuttals: 20 years; (b) Other records: Until completion of audit).(4)
Fiscal Records and Reports: Records document Federal Title IV Aid transactions, including receipt, management and disbursement of funds. Records of all Title IV program transactions; Bank statements for all accounts continuing Title IV payments, cash disbursements, refunds, and repayments; General ledger (must be separate from school’s other financial transactions) and related ledgers that identify each Title IV program transaction; Federal work-study payroll records; Annual Federal Fiscal Operations and Applications for Funds Report (FISAP). Records support data appearing on required reports: Federal Pell Grant Statements of Account; ED Payment Management system cash requests and quarterly or monthly reports; Title IV program reconciliation reports; Audit reports and school responses; State Grant and Scholarship award rosters and reports: Accrediting and licensing agency reports. (Minimum retention: three years after the end of the award year unless otherwise specified FISAP exception: three years after the end of the award year in which the FISAP was submitted).(5)
Perkins Loan Program Records: 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. 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. (Minimum retention: (a) Records relating to the administration of the loan: three 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: three 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: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer).(6)
Student Consumer Information Records: Records apply to all schools participating in Federal Title IV Aid Programs. Includes but not limited to: College catalog and term class schedules; Student Handbook or other publication; Campus Security Report and timely warnings; Right to Know — completion or graduation and transfer-out rates; Equity in Athletics Disclosure Act (EADA); Drug & Alcohol Abuse Prevention Information; Drug-free Workplace Information; FERPA; and documentation supporting all calculations and statistics. SEE ALSO: Student Academic Records, Student Handbooks, Students Athletic Advising and Eligibility Records. (Minimum retention: three years after the end of the award year in which information was published).(7)
Student Financial Aid Records: Records document student eligibility common to all Federal Title IV Aid Programs. May include, but not limited to: Student Aid Report (SAR) or Institutional Student Information Report (ISIR) used to determine eligibility; documentation of need and eligibility for Title IV funds; Cost of attendance information; documents used to verify applicant data; required student certification statements and supporting documentation; documentation of all professional judgments decisions; financial aid history information for transfer students; documentation of student’s satisfactory academic progress; documentation of amount, date, and basis of all refund and repayment calculations for a student (last dates of attendance, grade rosters); and documentation of outside resources. SEE ALSO: Student Records, Academic; Veterans Student Records. (Minimum retention: (Minimum retention: Records relating to a student or parent borrower’s eligibility: three years after the end of the award year in which the student borrower last attended the institution; Other records relating to the participation in FFEL or Direct Loan Program: three years after the end of the award year in which the records are submitted; Fiscal Operations Report, Application to Participate and supporting documentation: three years after the end of the award year in which the FISAP is submitted; Records involved in any loan, claim, or expenditure questioned by a Title IV, HEA program audit or review, investigation, or other review: until the resolution of that questioned loan, claim, or expenditure; or the end of the retention period applicable to the record, whichever is longer).(8)
Student Records, Institutional: Records used to establish student admission, enrollment status, period of enrollment and academic progress. Records include: academic transcript; admissions application; student course of study and enrollment history; ability to benefit test and test results; grade rosters; and Student Status Confirmation Report (SSCR). SEE ALSO: Student Academic Records. (Minimum retention: three years after the end of the award year in which the FISAP is submitted or until all questions resolved, whichever is longer).
Source:
Rule 166-450-0045 — Student Financial Aid Records, https://secure.sos.state.or.us/oard/view.action?ruleNumber=166-450-0045.