The Catholic University of America

Summary of Federal Laws

Financial Aid Programs

Federal Perkins Loan Program (now expired-but recordkeeping still exists for loans made)

20 U.S.C. §§ 1087aa et. seq.; 34 C.F.R. § 673.1 et seq.

Provided low-interest need based loans to  graduate students. The government and participating colleges contributed money to a pool of funds from which the colleges make loans. 

Record Retention: See 34 C.F.R. § 674.19(e). The institution shall maintain:

  • a repayment history for each borrower showing the date and amount of each repayment over the life of the loan, as well as the amount of each repayment credited to principal, interest, collection costs, and either penalty or late charges;

  • the date, nature and result of each contact with the borrower in the collection of the overdue loan;

  • copies of all correspondence to or from the borrower, except bills, routine overdue notices, and routine form letters; and

  • period of retention for repayment records, including cancellation and deferment requests, is at least three years from the date on which a loan is assigned to the Department of Education, canceled, or repaid.

 

This Program expired September 30, 2017. See The Perkins Loan Program Just Expired: How to Handle it.