Frequently Asked Questions About IRS Form 1098-E

	What is a 1098-E anyway?
	How can I get a copy of my 1098-E?
	Why wasn't the 1098-E mailed from the University?
	Why didn't I receive a 1098-E?
	Why did I receive more than one 1098-E form?
	Did you send a copy of this form to the IRS?
	What am I supposed to do with the 1098-E form?
	What is the amount shown in Box 1?
	Why is the amount shown in Box 1 different from the amount of interest I paid?
	What should I do if I think the amount shown in Box 1 is incorrect?
	What does Box 2 represent?
	The Social Security Number (SSN) on my form is incorrect.  What should I do?
	The name on my form is incorrect.  What should I do?

The information provided in this web page is NOT tax advice.  It is offered only as general information for UCI students and their families.  Please consult a qualified tax expert for advice on computing, claiming, or determining qualification for any tax benefit mentioned in this web site.

Question: What is a 1098-E anyway?

Answer: Form 1098-E:  Student Loan Interest Statement [download] is the information return on which financial establishments, government agencies, and educational institutions that receive student loan payments are required to report to the Internal Revenue Service.  The form is used for claiming the Student Loan Interest Deduction, as provided by the Taxpayer Relief Act of 1997 [download] (TRA 97).

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Question: How can I get a copy of my 1098-E?

Answer:  Most UCI students receive 1098-E forms from the Direct Loan Servicer and/or EFG Technologies.   The contact page in this web site provides telephone numbers and links for these servicers.  Direct Loan borrowers can retrieve personal 1098-E information directly from their servicer's web site.

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Question:  Why wasn't the 1098-E mailed from the University?

Answer:  Loan payments owed to the University are collected by EFG Technologies.  This loan servicer compiles the payment records necessary to generate 1098-E forms for borrowers with campus-based federal and institutional loans.

Direct Loan payments are owed to the U.S. Department of Education, not to the University.  The Direct Loan Servicer administers and collects loans on behalf of the government, and is responsible for generating 1098-E forms for Direct Loan borrowers.

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Question:  Why didn't I receive a 1098-E?

Answer: There are several possibilities:

• Your interest payments for the tax year did not total $600 or more.
  Your loan servicer is required to issue a 1098-E only if the interest payments on your loan met or exceeded this threshold.  Note that you may still deduct lesser amounts that are not reported on a 1098-E, if you are otherwise eligible. 
• Your 1098-E was mailed to the wrong address.
  If you did not have a current address on file with your loan servicer, then your form may have gone astray.   To find out where your tax information was sent, contact your loan servicer.  Direct Loan borrowers may submit address changes online.  
• You did not have a valid Social Security Number on file with your loan servicer.
  Without this information, a 1098-E could not be generated for you.  Please contact your loan servicer(s) for instructions on correcting your Social Security Number in their records.
• Your payments were not received within the "covered period" for your loan.
  Payees are required to report only those interest payments received within the first 60 months that your loan is in repayment, excluding periods of grace, deferment, and forbearance.

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Question:  Why did I receive more than one 1098-E form?

Answer:  You may have submitted payments to more than one payee, each of which is required to report eligible student loan interest.  For example, you may have a Direct Loan (for which the payee is the U.S. Department of Education) and a University Loan (for which the payee is UC Irvine).  You would then receive 1098-E forms from both the Direct Loan Servicer and from EFG Technologies.

Each school is considered a different payee, with its own Taxpayer Identification Number.  Each campus within the University of California system is a separate payee, even though they use the same loan servicer.  If you receive more than one 1098-E form from a servicer, then you have paid eligible student loan interest to more than one school contracted with that servicer.

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Question:  Did you send a copy of this form to the IRS?

Answer:  Possibly.  Payees are not required to report student loan interest totaling less than $600 to the IRS, even when such interest is paid within the "covered period."  Nevertheless, at their discretion, servicers may still furnish a 1098-E to a borrower whose loan otherwise meets eligibility requirements. A borrower may deduct smaller amounts of student loan interest, even if the sum is not sufficient to report to the IRS. 

For more information, see IRS Notices 98-7 [download] (for tax year1998),  98-54 [download] (for tax year 1999), 99-37 [download] (for tax year 2000), and 2000-62 [download] (for tax year 2001).

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Question:  What am I supposed to do with the 1098-E form?

Answer:  Keep it for your records.  When applicable, your loan servicer has sent your 1098-E information to the IRS, so there is no need to attach a copy of the form to your tax return.  The information contained in the 1098-E may help you to figure and claim the Student Loan Interest Deduction using the worksheets provided in IRS Form 1040 [download]  and IRS Form 1040A [download].

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Question:  What is the amount shown in Box 1?

Answer:  The amount entered in Box 1 of your 1098-E is the sum of interest received by the payee, for a "qualified student loan" within the "covered period" for the current tax year.

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Question:  Why is the amount shown in Box 1 different from the amount of interest I paid?

Answer:  Payees are required to report only those interest payments received within the "covered period"; that is, the first 60 months that your loan is in repayment, excluding periods of grace, deferment, and forbearance.  If the "covered period" ended during the tax year, then only the portion of interest paid before the ending date is included on your 1098-E.

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Question:  What should I do if I think that the amount shown in Box 1 is incorrect?

Answer:  Contact the loan servicer or other payee that issued the 1098-E form.  The amount shown in Box 1 is based on their records of payments received, and any discrepancy should be brought to their attention.

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Question:  What does Box 2 represent?

Box 2 will be checked if any loan origination fees and/or capitalized interest are included in the interest payments shown on the 1098-E.   Since the IRS does not require such reporting for tax year 2001, your servicer may leave the box unchecked, even if you actually paid the fees or interest.

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Question:  The Social Security Number (SSN) on my form is incorrect.  What should I do?

Answer:  Your SSN is a key element of your tax information, so be sure to submit changes as soon as possible.  Contact your loan servicer(s) for specific instructions on correcting your SSN in their records.  Direct Loan borrowers will find help in the FAQ section of the Direct Loan Servicer's web site, under "Reporting Changes to Us." 

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Question:  The name on my form is incorrect.  What should I do?

Answer: Your name is another important piece of tax information that you are required to keep up to date.  Contact your loan servicer(s) for specific instructions on correcting your name in their records.  Direct Loan borrowers will find help in FAQ section of the Direct Loan Servicer's web site, under "Reporting Changes to Us."

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The information provided in this web page is NOT tax advice.  It is offered only as general information for UCI students and their families.  Please consult a qualified tax expert for advice on computing, claiming, or determining qualification for any tax benefit mentioned in this web site.

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