AGENCY: Weber State University (Utah)

SERIES: 16770
TITLE: National direct student loan promissory note financial aid files
DATES: 1986.
ARRANGEMENT: Numerical by social security number

DESCRIPTION: These are financial aid files of promissory notes used to indicate that a student has accepted a loan and has agreed to pay back the funds according to the terms of the note. The files include student name and social security number, check number, agency identification number, interest rate, terms of the note, student signature, and date.

RETENTION

DISPOSITION

RETENTION AND DISPOSITION AUTHORIZATION

Retention and disposition for this series is authorized by Archives general schedule Financial aid records, GRS-2043

AUTHORIZED: 04/30/2018

FORMAT MANAGEMENT

Paper: Retain in Office for 1 year after close of fiscal year and then microfilm and destroy provided microfilm has passed inspection.

Microfilm master: Retain in State Records Center for 25 years and then destroy.

Microfilm duplicate: Retain in Office for 25 years and then destroy.

APPRAISAL

Administrative Fiscal Legal

34 CFR 628.408 indicates that records involving student loans be maintained for five years after the final payment of the loan or five years after the payment of the loan is determined uncollectable. 34 CFR 682.401(b)(9) stipulates that there is a maximum repayment period of fifteen years after the loan is made. A twenty-five year retention allows for a possible five year deferment plus the stipulated five year retention after the loan has been paid in full.

PRIMARY DESIGNATION

Private

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