How long do business schools retain applications?

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Good question. Each program likely has a records retention policy they follow for legal and other reasons. Public universities and private likely have different timeframes. I think it would be very unlikely they would refer to your older application from 3+ years ago. I think it would be a stretch and completely unhelpful to their purposes. I am not sure what they would glean really or what the point would have been since you had zero work experience and hopefully your current application is going to be completely different with only a bit of perhaps undergrad extra curriculars which will only slightly matter since everyone exaggerates their undergrad extracurriculars

Technically since you applied under the deferred program, you would not be a reapplicant to the FT program. The only exception may be Stanford since they sort of mingle/mix their deferred/FT program but even there you can say you are not a reapplicant...
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reaper1 hope this finds you well

Reapplying to an MBA program is a common practice, and admissions committees usually know whether or not someone is reapplying to the school. They may very briefly skim the information provided in the previous application and recall the reason for rejection and go over major updates the new applicant provides in the new application.

However, you need not worry because 3 years is a long time since your last application as a deferred MBA applicant. You can rest assured that your last deferred MBA application will not be a reason for rejection this time. Rather, your prospects for admission will depend on how well you have developed professionally over the past 3 years and how conscientiously you have built a well-rounded profile.

Often, it is not just about what the applicant has done since the last application, but also how the applicant's goals and plans have changed. Perhaps they are more pragmatic and thoughtful now. Re-applicants usually take the opportunity to reflect on their improved qualifications, such as additional work experience, extracurricular, improved test scores, additional coursework and future ambitions, and demonstrate how they are "better prepared" to succeed in the MBA program.

Best wishes to you.
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B-schools have different policies about who they consider a reapplicant - starting from 1 to 2 years and what elements of the application they want you to submit afresh/ recycle.

Log in to the application portals of your target programs (You'd be able to access them as R3 deadlines is yet to happen so applications will still be open) and see their reapplicant requirements.

Although you would most likely not be considered a reapplicant, but even if you have to write a reapplication essay, this would be another opportunity for you to tell the b-school how you have grown personally and professionally. So don't worry about it.
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