Loan Interest Reporting Requirements (Form 1098-E to Students)

Regulation Reference Cite 26 U.S.C. § 6050S: 26 C.F.R. § 1.6050S-2; 67 Fed. Reg. 20901
Report Due Date (Actual) Student 1-31-2021; IRS (electronically) 3-31-2021
Level Compliance Report
Oversight Unit FINANCIAL SERVICES
Person Responsible Pamela Johnson
Secondary Person Responsible Jamie Beauchamp
President / VP Level Finance
Description

Due to Student by January 31st. Due to IRS electronically by March 31st.

An institution or insurer must furnish a statement to each individual for whom it is required to file a Form 1098-T, on or before January 31st of the year following the calendar year in which payments were received, or amounts were billed, for qualified tuition and related expenses, or reimbursements, refunds, or reductions of such amounts were made. Form 1098-E must be filed with the IRS on or before February 28th, or March 31st if filed electronically. The required statement to all persons who made student loan interest payments must be sent to the payor on or before January 31st of the year following the calendar year in which the interest payments were received. The statement may simply be a copy of Form 1098-E. If the institution does not have a record of the individual's correct TIN, then it must solicit the TIN on or before December 1st.

Under IRC 6050S, lenders, including most colleges and universities that participate in the Perkins Loan Program or operate institutional loan programs, must report student loan interest payments to the IRS.

Contacts and Data Sources

Pam Johnson 1098-Es are completed by UAS, but confirmed by Financial Services
Internal Notes

This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information