The parent or guardian of a student or an eligible student, who believes that information contained in the student records is inaccurate or misleading or violates the privacy rights of the student, may request that the local school system or educational institution which maintains the records amend them. The local school system or educational institution shall decide whether to amend the student records in accordance with the request within a reasonable period of time of receipt of the request. If the local school system or educational institution decides to refuse to amend the student records in accordance with the request, it shall so inform the parent or guardian of the student or the eligible student of the refusal, and advise the parent, guardian, or the eligible student of the right to a hearing.