As provided in the Taxpayer Relief Act of 1997, borrowers may be eligible to claim a deduction for interest paid on qualified student loans for educational expenses. Form1098-E (supplied to the student at the end of each calendar year) reflects the amount of qualifying interest paid to Tennessee Technological University during the applicable tax period. This same information will also be transmitted to the Internal Revenue Service.
The deduction is limited to interest due and paid during the calendar year. The amount reported on Form 1098-E is the full amount of interest paid to the University during the above referenced period.
The above information is based upon the University’s interpretation of IRS guidelines and should not be considered official tax advice. Questions about the interest deduction, eligibility to claim the interest deduction, limitations on the deduction amount, and filing information should be directed to an IRS representative or other tax professional. Please contact the University only if you have a question about the amount of interest reported.
Detailed information about the interest deduction is provided in the Internal Revenue Service Publication 970, Tax Benefits for Higher Education (page 11, Student Loans), which may be accessed on the IRS web site. Please download: http://www.irs.gov/pub/irs-pdf/p970.pdf