What information is reported for an ECSI student loan on a 1098T form?


Quick Answer

The information provided on an ESCI 1098T form for a student loan includes the borrower's name, address and Social Security number. Other information includes the amount of tuition paid for the tax reporting year, as well as any scholarships and grants the student received.

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Full Answer

A 1098T form is a tax form that colleges or other post-secondary institutions send to students and the Internal Revenue Service for each tax year. The form outlines information regarding the tuition and fees that are tax deductible, as well as education-related tax credits. The form is sent to any student who paid qualified educational expenses in the preceding year, which include enrollment, tuition and course material fees that the student was required to purchase from the school.

Students are allowed to report qualified educational expenses in a couple of different ways. They can base it on how much they actually paid during the year or on how much the school billed the students during the year. The school also must report adjustments based on any grants and scholarships that were paid to the school on behalf of the student. These amounts may reduce the amount of qualified expenses the student can use to calculate a tax credit or deduction.

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