OUS Oregon University System Records Retention Schedule Financial Aid Records 166-475-0055

University Archives: Records Retention Schedule

Functional Sections: Financial Aid Records

166-475-0055

This General Schedule is applicable to the Financial Aid records of the Oregon University System. Retention periods apply to the record copy of all public records, regardless of medium or physical format, created or stored by the above specified agencies. Please note the exceptions to this General Schedule listed in OAR 166-030-0026 before disposing of records.

List of Series

Athletic Scholarship and Grant-In-Aid Award Records
Borrowers Loan Records
Credit Bureau Reports
Federal Title IV, Program Records, Institutional Records
FFELP and Direct Loan Records
Financial Aid Annual Reports
Financial Aid Transcripts Hold Records
Fiscal Records and Reports
Graduate Student Tuition Remission Records
Loan Activity Records
Minority Scholars Program (MSP) Records
Pell Grant Reports
Perkins Loan Program Records
Student Loan Cash Input Transaction Lists
Student Financial Aid Records
Student Loan Check Request Lists
Student Loan Payment Coupons
Student Promissory Notes
Work Study Program Administrative Records

1. Athletic Scholarship and Grant-in-aid Award Records

Grant-in-aid Award Records This series is used to provide athletic departments with information pertaining to player eligibility and receipt of financial aid in the form of scholarships including grant-in-aid scholarships, to monitor accounts, and to assist in complying with NCAA, NAIA and conference rules and regulations. These records include squad lists which furnish summary information; conference eligibility reports; team roster update sheets; scholarship count sheets showing who is on the schedule to receive aid; applications; nominee lists; eligibility questionnaires; eligibility reports which determine years of eligibility unused; credit voucher request sheets notes; and related documentation and correspondence.

Record Copy: Intercollegiate Athletics
Retention: (a) 10 years for NCAA records, destroy; (b) 5 years for all other records, destroy.

Other Copies: Financial Aid
Retention: 5 years, destroy.

CONFIDENTIAL DESTRUCTION: Records in this series containing confidential information should be destroyed by pulping, shredding, or incineration. See the Confidential Recycling Procedure for more information.

2. Borrowers Loan Records

Records document and is a monitoring tool for all Perkins and National Direct Student Loans that have been canceled because of bankruptcy, death or disability, bad debts, write-offs, and assignments. This series consists of files for each borrower. This series may include but is not limited to repayment schedules; statements of rights and responsibilities; records of actions taken; and related documentation and correspondence.

Record Copy: Business Affairs Perkins-NDS Loans
Retention: (a) 3 years after loan repayment or assignment to U.S. Department of Education, destroy; (b) 3 years after debt cancellation or assignment to U.S. Department of Education for canceled loans, destroy.

3. Credit Bureau Reports

Records document holders of student loans that have been reported to credit bureaus. This series contains reports which list each borrower’s name; the amount past due; and related documentation.

Record Copy: Business Affairs Perkins-NDS Loans
Retention: 2 years after collected or deemed uncollectable, destroy.

4. 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.

Record Copy: Financial Aid
Retention: (a) Agreements: 6 years after expiration, destroy; (b) Records pertaining to borrower eligibility: 3 years after the end of the award year in which the student borrower last attended the institution, destroy; (c) Fiscal Operations Report, Application to Participate and supporting documentation: 3 years after the end of the award year in which the FISAP is submitted, destroy; (d) 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, destroy.

5. 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).

Record Copy: Financial Aid
Retention: (a) Records relating to a student or parent borrower’s eligibility: 3 years after the end of the award year in which the student borrower last attended the institution, destroy; (b) Other records relating to the participation in FFEL or Direct Loan Program: 3 years after the end of the award year in which the records are submitted, destroy; (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, destroy.

6. Financial Aid Annual Reports

Annual Reports-Financial Aid 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.

Record Copy: Financial Aid
Retention: (a) Audit reports, exhibits, findings, rebuttals: 20 years, destroy; (b) Other records: 5 years after completion of audit, destroy. (Administrative reports are found under OAR 166-475-0010(1))

7. Financial Aid Transcripts Hold Records

Transcripts Hold Records-Financial Aid Records document monitoring of students who have been delinquent in or in default of financial aid payments. Records include lists indicating: students’ names and addresses; academic majors and standings; and account status. This is a closed series.

Record Copy: Registrar
Retention: 5 years, destroy.

8. 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.

Record Copy: Business Affairs
Retention: 3 years after the end of the award year unless otherwise specified, destroy. FISAP exception: 3 years after the end of the award year in which the FISAP was submitted, destroy.

9. Graduate Student Tuition Remission Records

Tuition Remission Records Records document the remission of tuition for courses taken by eligible graduate students, such as research and/or teaching assistants. This series may include but is not limited to authorizations; reconciled lists; account summaries; and related documentation.

Record Copy: Business Affairs General Accounting
Retention: 8 years, destroy.

Other Copies: Units
Retention: 1 year, destroy.

10. Loan Activity Records

Records document payments, adjustments, draw advances, address and status changes, cancellations, deferments, and postponements on borrower’s accounts.

Record Copy: Business Affairs Perkins, NDS Loans
Retention: 3 years after loan is paid, destroy.

11. Minority Scholars Program (MSP) Records

Individual Minority Student Records Records document the application, selection, and progress of students belonging to various minority groups who apply for the OUS Minority Scholar Scholarship. This series may contain but is not limited to MSP applications; candidate selection information; academic and personal information about applicants; notifications of award; notifications of denial of award; applicants letters of decline; notification of transfer to another institution; and related documentation and correspondence. This is a closed series.

Record Copy: Admissions, Financial Aid
Retention: 5 years after award notification, destroy.

12. Pell Grant Reports

Records document summary of reports submitted to the Pell Grant Scholarship program on a routine basis. Reports are submitted on OMB 1840-0540 and summarize money awarded, received and disbursed, the balance remaining, and dates.

Record Copy: Financial Aid
Retention: 5 years after audit, destroy.

Other Copies: Units
Retention: 3 years, destroy.

13. 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.

Record Copy: Business Affairs Perkins-NDS Loans
Retention: (a) Records relating to the administration of the loan: 3 years after the end of the award year for which aid was awarded and disbursed, destroy; (b) Fiscal Operations Report, Application to Participate and supporting documentation: 3 years after the end of the award year in which the FISAP is submitted, destroy; (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, destroy.

14. Student Loan Cash Input Transaction Lists

Records document the repayment of student loans on a daily basis and is used to apply the loan payments to the individual student accounts. This series includes daily listings of loan payments received.

Record Copy: Business Affairs
Retention: 4 years, destroy.

15. 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.

Record Copy: Financial Aid
Retention: (a) Records relating to a student or parent borrower’s eligibility: 3 years after the end of the award year in which the student borrower last attended the institution, destroy; (b) Other records relating to the participation in FFEL or Direct Loan Program: 3 years after the end of the award year in which the records are submitted, destroy; (c) Fiscal Operations Report, Application to Participate and supporting documentation: three years after the end of the award year in which the FISAP is submitted, destroy; (d) 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, destroy.

16. Student Loan Check Request Lists

Records document loan disbursements made to students. This series consists of quarterly lists of loan checks issued from either the Controllers Division or the institution Business Manager’s Revolving Fund. This is a closed series.

Record Copy: Business Affairs
Retention: 4 years, destroy.

17. Student Loan Payment Coupons

Records document payments made by holders of student loans. This series consists of payment coupons which accompany each quarterly or monthly payment made to the student loan office.

Record Copy: Business Affairs Perkins-NDS Loans
Retention: 4 years, destroy.

18. Student Promissory Notes

Records document promissory notes for student loans negotiated for the current academic year. The notes become part of the borrowers loan records at the end of the academic year.

Record Copy: Business Affairs Perkins-NDS Loans
Retention: 3 years after repayment, destroy.

19. Work Study Program Administrative Records

Records document the administration of the Federal Work Study program at the institution. Records include job descriptions; award letters; pay rate change notices and related correspondence.

Record Copy: Work-Study Program
Retention: 3 years, destroy.