34 CFR 99.10(e) — records under an outstanding request
…shall not destroy any education records if there is an outstanding request to inspect and review the records under this section.
A prohibition on destruction, not a requirement to destroy. It is the single FERPA provision most likely to be breached by a device refresh: a laptop collected in July can carry the only copy of something a parent asked to inspect in June.
https://www.ecfr.gov/current/title-34/subtitle-A/part-99/subpart-B/section-99.10