Document borrower or recipient's eligibility for and receipt of Federal Student Aid (FSA) program funds

These records found in all media (paper, digital, or other) must include for each FSA recipient:

• Student Aid Report (SAR) or Institutional Student Information Record (ISIR) used to determine a student's eligibility for FSA program funds;
• application data submitted to the US Department of Education or lender by the school on behalf of the student;
• documentation of each student’s or parent borrower’s eligibility for FSA program funds;
• documentation related each student’s or parent borrower’s receipt of FSA program funds, including
  • the amount of grant, loan, or Federal Work Study awards, and calculations used to determine aid amounts;
  • the date and amount of each disbursement of grant or loan funds, and the date and amount of each payment of Federal Work Study (FWS) wages;
  • the amount, date and basis of the school's calculation of any refunds/returns or overpayments due to or on behalf of the student;
  • the payment of any refund/return or overpayment to the FSA program fund, a lender, or the Department, as appropriate;
• documentation of and information collected at any initial or exit loan counseling required by applicable program regulations ;
• reports and forms used by the school in its participation in an FSA program, and any records needed to verify the data in those reports and forms;
• documentation supporting the school's calculation of its completion or graduation or transfer-out rates.

May also include:

• related documentation and correspondence, including e-mail.