Skip to Content Bruce Rauner, Governor, State of Illinois

Record Retention

For the administration of ISAC gift assistance programs and federal student loans, the following are the record retention policies applicable to each.

  • ISAC-administered Gift Assistance Programs - records are required to be retained for five (5) years from the end of the award year the student last attended the postsecondary institution
  • Federal Student Loan Programs - loan records related to the borrower's eligibility and participation are to be retained for three (3) years from the end of the award year that student last attended. All other loan records have a three year retention period from the end of the award year in which the record was submitted. Detailed information regarding loan record retention can be found in the Volume 2 - School Eligibility and Operations of the Federal Student Aid Handbook.