IRS Form 1098-E, Student Loan Interest Statement
Lenders use Form 1098-E to report student loan interest received from a borrower during the year.
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About IRS Form 1098-E
Form 1098-E is an information return that lenders and loan servicers file to report student loan interest of a specified amount or more received during the year. Borrowers use it to figure the student loan interest deduction.
The form reports the amount of interest received on qualified student loans. It may also indicate whether the reported amount excludes loan origination fees or capitalized interest for loans made before a certain date.
The student loan interest deduction is an adjustment to income, so you can claim it even if you do not itemize. The deduction is subject to income limits and other rules, so follow the official instructions and Publication 970.
Who needs to complete it
- Borrowers who paid interest on qualified student loans during the year.
- Loan servicers and lenders that received student loan interest.
- Taxpayers claiming the student loan interest deduction.
- Former students repaying education loans within the income limits.
How to fill out IRS Form 1098-E
- 1Enter the lender or servicer (recipient) name, address, and taxpayer identification number.
- 2Enter the borrower's name, address, and taxpayer identification number.
- 3Report the student loan interest received during the year.
- 4Indicate whether the reported amount excludes loan origination fees or capitalized interest, if applicable.
- 5Verify the loan qualifies as a student loan under the rules.
- 6Provide the borrower with a copy for use in preparing their return.
- 7Follow the official line-by-line instructions before filing with the IRS.
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Frequently asked questions
Do I need to itemize to deduct student loan interest?
No. The student loan interest deduction is an adjustment to income, so you can claim it whether or not you itemize, subject to income limits.
Is there a limit on the student loan interest deduction?
Yes. The deduction is capped and phases out at higher income levels. Check the current amounts in the instructions and Publication 970.
What if I paid interest but did not receive a 1098-E?
You may still be able to deduct qualifying interest. Lenders are only required to report once the interest reaches a threshold, so use your own records and the official rules.