Breaking down the 3 most common Student Loan Tax Forms

Tax season is among us and with it brings a lot of questions.  Here is a quick over view of the 3 most common tax forms and what their purpose is:

1098-E- Reportable Interest that was paid to your servicer.

1099-C- Reportable canceled debt from things from disability discharge or death

For both these forms, you should report any amount but will only receive paperwork from your servicer if it is over $600.00.

1098-T  Qualifying educational expenses.  You get these from your school and would not contact your student loan servicer

Also remember as always while we can give you the general information you need to have your taxes done, we are not tax experts and don’t (or at least shouldn’t) pretend to be.  For any particulars on your situation you should seek the advice of a tax professional.