Reporting Student Loan Interest Payments From IRS Form 1098-E on Your 2014 Taxes | Federal Student Aid

Reporting Student Loan Interest Payments From IRS Form 1098-E on Your 2014 Taxes

If you made federal student loan payments in 2014, you may be eligible to deduct a portion of the interest paid on your 2014 federal tax return. Student loan interest payments are reported both to the Internal Revenue Service (IRS) and to you on IRS Form 1098-E, Student Loan Interest Statement.

Under what circumstances do federal loan servicers report interest payments on IRS Form 1098-E?
How many 2014 1098-Es should I expect to receive?
What help is available if I have questions?


Under what circumstances do federal loan servicers report interest payments on IRS Form 1098-E?

The IRS requires federal loan servicers to report payments on IRS Form 1098-E if the interest received from the borrower in the tax year was $600 or more.

If you paid less than $600 in interest to a federal loan servicer during the tax year and do not receive a 1098-E, contact your servicer for the exact amount of interest paid during the year.


How many 2014 1098-Es should I expect to receive?

That depends on how much you paid in interest and how many servicers you had. Read through the scenarios below; one of them will probably apply to you.

    1. Your current servicer was your only servicer in 2014: In this case, your current federal loan servicer will provide you with a copy of your 1098-E if you paid interest of $600 or more in 2014. Your servicer may send your 1098-E to you via U.S. mail or electronically.
    2. You had multiple servicers in 2014: In this case, each of your federal loan servicers will provide you with a copy of your 1098-E if you paid interest of $600 or more to that individual servicer in 2014. Each servicer may send your 1098-E to you via U.S. mail or electronically.

Reminder: Always ensure that your servicer has current contact information for you.

If you receive no 1098-Es but believe that you paid a total amount of $600 or more in interest to all federal loan servicers combined, contact each servicer for the exact amount of interest you paid during the year.


What help is available if I have questions?

If you have questions about 2014 1098-Es, contact your current federal loan servicer for assistance. Your servicer has 1098-E information on the home page of its website. Look there for quick answers to your questions.

If you’re not sure who your loan servicer is, you can look it up by logging in to My Federal Student Aid or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913). To see a list of servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program, go to our Loan Servicers page.

For more information about student loan interest deduction, visit the IRS’s Tax Benefits for Education: Information Center.