Common use of Record Formats Clause in Contracts

Record Formats. A school must keep its Campus-Based program records in one of the following formats: • Original signed promissory notes and signed repayment schedules for ▇▇▇▇▇▇▇ Loans, National Direct Student Loans, or National Defense Student Loans must be kept in a locked fireproof container until the loan is repaid or until the school needs the originals to enforce collection of the loan. If a loan is assigned to the Department, the school must send the original promissory note or a certified copy of the note, as well as a copy of the original deferment or cancella- tion form(s). The school may not send computer-generated form(s) or microform(s). • A school may keep other required records in hard copy or in microform, computer file, optical disk, CD-ROM, or other media formats, but all record information must be retrievable in a coherent hard copy format or in other media formats acceptable to the Department except that