Get Your Students Hired
If a refund is given to the student for any reason, the school must keep a record of this exchange.
Each school definitely is required to keep a record of an refunds given. It would be important to have this record if a student later said that they didn't get their refund.
This is absolutely correct and it is also important that the school keeps a record. For-profit schools are often audited and accurate record keeping is a must.