The Board's statutes and rules require schools to keep records on file for each student enrolled or re-enrolled in a school for a regular course, postgraduate course or additional hours. See A.R.S § 32-561 and A.A.C. R4-10-204.
Therefore, student records must be available for Board inspection during the entire time a student is enrolled or re-enrolled in the school. How long the school maintains student records after a student is no longer enrolled or re-enrolled is a decision to be made by the school. Schools need to be aware that there may be other state or federal regulations that require the retention of student records for a specified time. This answer only contemplates the Board's laws and rules.
Note: when school closes, it is required to forward all student records to the Board with 10 days after closure. See A.R.S. §32-563 (B) and A.A.C. r4-10-202 (A)(2)(a)(b)(c).