R 390.1415 Records of participating schools.

Rule 15. (1) A participating school shall keep necessary records as the authority or the secretary require and afford access thereto at any reasonable time to the authority, the secretary, or a representative of the authority or the secretary to assure accuracy and to verify reports and records. (2) With respect to each student who receives the benefits of an educational loan, a participating school shall maintain records for not less than 60 months after a student has terminated enrollment regarding academic standing, periods of attendance, courses taken, and the handling of loan funds. (3) The authority shall require each participating school to verify the enrollment status of student borrowers and students for whom loans have been provided through the parent loan program upon request.