Your 1098-E and Your Student Loan Tax Information
Your 1098-E student loan interest statement has one of the most important numbers we'll give you this year—the amount of interest paid on your student loans in 2014.
Why is this number so important? Because you might be able to deduct some or all of it from your income on your federal tax return, which could reduce the amount you pay in income tax—good news!
You can find your 2014 student loan interest paid amount on your 1098-E Student Loan Interest Statement.
What's on your 1098-E?
You have one 1098-E for each account listed on your Account Summary.
To file your taxes, you don't need a physical copy of your 1098-E. Check with a tax advisor to determine which interest is tax deductible, and provide that amount from box 1 in the student loan interest deduction portion of your tax return. If you have more than one account, you'll need to look at multiple statements and add the amounts together for your total deduction.
If you want a physical copy of your 1098-E for your records, just print it out from our website. It's as easy as that!
How can you find out how much interest was paid on your loans last year?
The number is on your 1098-E Student Loan Interest Statement, which you can always access by logging into your account on mygreatlakes.org and selecting My Accounts » 1098-E Statements from the menu.
What interest payments are included on my 2014 1098-E?
The interest on payments received by 5:00 p.m. Central time on December 31, 2014 is included on your 2014 1098-E. Interest on payments received or scheduled after that time will appear on next year's statements.
Where can I find more information?
The IRS website and Publication 970, Tax Benefits for Education, have more information on how to deduct your student loan interest. You can also complete the Student Loan Interest Deduction worksheet in the Form 1040 or 1040A instructions.
Contact us if you have additional questions—we're here to help!