Student Financial Aid Records

12–809.11. Student Financial Aid Records. A. Description: Used to maintain the official record of accounts for grants and loans. The series consists of applications, tax return for student and/or parent, verification work sheet, student aid report, student loan application and promissory note, federal work study packet, financial aid approved or rejected, and related information. B. Retention: (1) Approved Financial Aid Records: (a) Student Loans: Active File: Until loan is cancelled or repaid. Inactive File: 3 years; destroy. (b) Student Grants: 3 years after the last day of the award year or 3 years after the date the institution files its fiscal operations report for that year; destroy. (2) Rejected Financial Aid Records: 1 year; destroy. HISTORY: Added by State Register Volume 18, Issue No. 6, eff June 24, 1994. Amended by State Register Volume 27, Issue No. 5, eff May 23, 2003.