OAR 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.
Athletic
Scholarship and Grant-In-Aid Award Records
OAR 166-475-0055(1)
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.
Retention:
Record Copy:
(a) 10 years for NCAA records
(b) 5 years for all
other records
Other copies: 5 years
Borrowers
Loan Records
OAR 166-475-0055(2)
This series documents and is a monitoring
tool for all Perkins and National Direct Student Loans. 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.
Retention: 3 years after loan repayment or assignment to
U.S. Department of Education
Borrowers Loan Records (Canceled)
OAR 166-475-0055(3)
This series documents 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; doctors statements and
other medical evidence; and related documentation and correspondence.
Retention: 3 years after debt cancellation or assignment
to U.S. Department of Education
Credit
Bureau Reports
OAR 166-475-0055(4)
This series documents 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.
Retention: 2 years after collected or deemed uncollectable
Federal Title IV, Program Records, Institutional Records
OAR 166-475-0055(5)
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.
Retention:
(a) Agreements: 6 years after expiration;
(b)
Records pertaining to borrower eligibility: 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:
3 years after the end of the award year in which the FISAP is submitted;
(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.
FFELP and Direct Loan Records
OAR 166-475-0055(6)
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).
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;
(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;
(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.
Financial
Aid Annual Reports
OAR 166-475-0055(7)
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.
Retention:
(a) Audit reports, exhibits, findings, rebuttals:
20 years;
(b) Other records: Until completion of audit.
Financial Aid Transcripts Hold Records
OAR 166-475-0055(8)
This series is used to monitor 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.
Retention: 5 years
Fiscal
Records and Reports
OAR 166-475-0055(9)
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.
Retention:
(a) 3 years after the end of the award year unless
otherwise specified
(b) FISAP exception: 3 years after the end of the award year in which the FISAP was submitted.
Graduate Student Tuition Remission Records
OAR 166-475-0055(10)
This series documents 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.
Retention:
Record Copy: 8 years
Other copies: 1 year
Loan
Activity Records
OAR 166-475-0055(11)
This series documents payments, adjustments,
draw advances, address and status changes, cancellations, deferments, and postponements on borrower's accounts.
Retention: 3 years after loan is paid
Minority Scholars Program
(MSP) Records
OAR 166-475-0055(12)
This series documents 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.
Retention: 5 years after award notification
Month-to-Date Transaction Reports
OAR 166-475-0055(13)
This series documents student loan
activity on a monthly basis by transaction type. This series consists of computer output microfiche which lists
students alphabetically by transaction type. This is a closed series.
Retention: 2 years
Pell
Grant Reports
OAR 166-475-0055(14)
This series consists of copies of
summary 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.
Retention:
Records Copy: 5 years after audit
Other copies: 3 years
Perkins Loan Program Records
OAR 166-475-0055(15)
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.
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;
(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;
(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.
Student Loan Cash Input Transaction Lists
OAR 166-475-0055(16)
This series documents 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.
Retention: 4 years
Student Financial Aid Records
OAR 166-475-0055(17)
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.
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;
(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;
(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;
(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.
Student Loan Check Request Lists
OAR 166-475-0055(18)
This series documents 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.
Retention: 4 years
Student Loan Payment Coupons
OAR 166-475-0055(19)
This series documents 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.
Retention: 4 years
Student
Promissory Notes
OAR 166-475-0055(20)
This series consists of the 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.
Retention: 3 years after repayment
Work Study Program Administrative Records
OAR 166-475-0055(21)
Series documents the administration
of the Federal Work Study program at the institution. Records include: job descriptions; award letters; pay rate
change notices and related correspondence.
Retention: 3 years
Maintained by OUS Records Management Services
ryan_hagemann@ous.edu
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