Recordkeeping
Institutions must be able to document the various actions they take in the administration of the Title IV programs, for both reporting and audit/program review purposes. The time period during which records must be retained, as well as the manner and format, are defined in regulation.
Related topics in this Index: Audit and Program Review; Cash Management
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Statutory Authority
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Regulations
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ED References
See also Subtopics for more specific references.
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NASFAA Publications and Articles
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NASFAA AskRegs Knowledgebase
Search or browse the Knowledgebase for answers to regulatory and compliance questions submitted by financial aid administrators.
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NASFAA Compliance Engine
The Compliance Engine is comprised of two modules: the Self-Evaluation Checklists which allows administrators to evaluate their programs in a centralized, shared online space, and the P&P Builder, a tool designed to assist institutions in the creation and maintenance of a policies and procedures manual. Along with an online space to update and maintain policies and procedures, the P&P Builder includes legislation and regulation associated with compliance with Title IV requirements.
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NASFAA U Authorized Events
NASFAA U Authorized Events are a comprehensive set of instructional materials for teaching financial aid concepts to groups of individuals. Materials include a study guide, instructor guide and accompanying presentation slides.
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Subtopics
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Administrative records related to institutional eligibility, educational program eligibility, and Title IV participation
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Closed branch records
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Closed school records
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Completion and graduation rate calculation documentation
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Direct Loan Program
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Examination, availability, and sharing of records (cooperation with regulating agencies, loan servicers, and auditors)
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Federal Trade Commission (FTC) information security requirements (Financial Services Act, Security Provisions; Financial Services Modernization Act)
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FERPA protections, exemptions, right to review records, and documented consent to disclose
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Fiscal records related to receipt and expenditure of Title IV funds—general rule
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FISCOP/FISAP
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FSEOG fiscal records
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FWS payment records
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Job Location and Development
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Maintenance (format and location)
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E-Sign Act and electronic processes
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Format
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General Maintenance Requirements
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Location
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Pell Grant
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Perkins Loans
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General information
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Collection costs charged to Fund
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Fiscal records
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Loan and disbursement records
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Promissory note
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Reports, forms, and underlying data related to Title IV participation
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Retention requirements (timeframes)
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Student-level records
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Amounts disbursed and/or returned
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Loan counseling
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Student (or parent borrower) eligibility and need
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TEACH Grant
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Written agreements