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There are two forms that are sent out by colleges. One, Form 1098-E (Student Loan Interest Statement). Any person or entity (college, educational institution, financial institution, etc.) receiving $600 or more in student loan interest from an individual is required to file Form 1098-E.

Two, Form 1098-T (Tuition Statement). Eligible educational institutions are required to file Form 1098-T to report qualified tuition/related expenses paid by a student enrolled in their institutions.

Eligible educational institutions are colleges, universities, vocational schools, or post-secondary educational institutions described in section 481 of the Higher Education Act of 1965.

Both Form 1098-E and Form 1098-T are required to be provided/sent to the recipient (student or payer of student loan interest) by January 31st. If January 31st falls on a weekend, then the deadline is extended to the next business day. The deadline for 2008 forms is February 2, 2009. The deadline for 2009 forms is February 1, 2010.

For more information on educational expenses, go to www.irs.gov/formspubs. Select Publication Number. Then enter 970 in the Find Box to print a copy of Publication 970 (Tax Benefits for Education).

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15y ago

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