Form 1098-E: Student Loan Interest Statement
Loan servicers report student loan interest of $600 or more paid during the year. Borrowers use it to claim the student loan interest deduction of up to $2,500.
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Instructions for filling out Form 1098-E: Student Loan Interest Statement
This template is used for official filing and documentation. Below are detailed instructions for completing, requirement details, and submission rules.
Who needs to fill out this document?
This form is designed for use by legal entities, individuals, or authorized representatives in the following cases:
- Borrowers repaying student loans.
- Student loan servicers and lenders.
- Graduates claiming the interest deduction.
What you will need before starting
Before filling out the interactive form, prepare the following details and documents:
Step-by-step filling process
- Enter lender and borrower: Recipient and borrower details.
- Report interest: Box 1 interest received.
- Mark box 2 if applicable: For loans made before September 1, 2004 that exclude certain fees.
- Furnish by January 31: Many servicers post it online.
Frequently Asked Questions (FAQ)
How much can I deduct?
Up to $2,500 per year, reduced at higher incomes.
Do I need to itemize?
No. It's an adjustment to income, so you can take it with the standard deduction.
I paid less than $600. Can I still deduct?
Yes. Ask your servicer for the amount or use your statements.
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