A record related to an individual's application for admission to an institution of higher education under the administration of the state board of higher education is exempt, except as otherwise provided by law. Subject to the retention requirements under section 15-10-44, the record must be destroyed upon request of the applicant or the parent or guardian of an applicant who was under eighteen years of age at the time the application was submitted. An individual may not access or disclose an exempt record under this section for a reason other than carrying out regular duties as an employee of an institution of higher education, except as otherwise provided under this chapter.