The school shall maintain adequate permanent student records which include: Evidence of compliance with the school's admissions requirements; Credit granted for previous experience or training; Dates of admission, start dates, and withdrawal or completion dates; Reasons for withdrawals when known; Daily attendance; Student transcripts indicating achievements; and Tuition and financial aid records, when applicable. A school shall maintain all records of a student for at least 5 years after a student either terminates training or graduates. After that, a school is only required to maintain the student records identified in §A of this regulation in a form and manner approved by the Secretary. A school shall document in each student's individual file all changes to a student's status at the time the changes occur. Changes to a student's status include, but are not limited to, initial enrollment, award of previous credit, changes in schedule, changes in enrollment, leave of absence, probation, counseling, withdrawal, termination, graduation, or completion but ineligible for graduation. A school shall maintain accurate and complete records of a student's academic achievement and daily attendance. On a regular basis, which is at least every grading period, the school shall record this information on an approved permanent record form which is maintained in the student's individual file. A school shall maintain an accurate, complete, and current record of a student's financial account in a form and manner approved by the Secretary. A certificate of successful completion shall be issued to a student at the time of graduation, provided that the student has satisfied all graduation requirements and financial obligations to the school. A statement of attendance and achievement shall be issued, upon request of the student, if withdrawal occurs before completion or graduation, provided the student has satisfied all obligations to the school. For a student who has left the school, it shall be clearly stated in the student's record whether the student has successfully completed a program, has withdrawn, or has been terminated by the school, and the date of the action. Student records, as well as all other records of the school, shall be open for inspection at any reasonable time by the Secretary. Discontinuation of Operation by a School. Before a school operating in this State discontinues operation, its chief administrative officer shall file with the Secretary the original or legible copies of all essential records of the academic achievements of all former students of the school and records of the financial obligations incurred for educational purposes of current students at the time of closure. The records filed with the Secretary in §E of this regulation shall include: The academic record of each former student, including credit granted for previous experience or training; Dates of admission, start dates, and withdrawal or completion dates; Reasons for withdrawals when known; Daily attendance; and Student transcripts indicating achievements. All students' tuition payment records for the 3 years before the school's closing shall be forwarded to the Secretary. The Secretary may waive this requirement if it is determined that the records are being adequately maintained by another State agency.