Student loan interest

Forum|Forum|5 years ago
January 24, 2021
2 replies
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I have two student loans with the same lender US Department of Education that's through Great Lakes. (they're both in my name) I've got two questions. Do I need to list the student interest on these two loan separately or can I combine the interest from the two loans since they're both in my name and the same lender? Also when I list the name of the lender should I list the US Department of Education and Great Lakes or is US Department of Education enough information? Thanks

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Cfoust652Author

I did receive two separate 1098-E forms for the two loans. So I would assume I'd report them separate even though they're both in my name and through the same lender

ColeenD3

You should report them separately. It will appear as one amount on your tax form, but when you electronically file, the IRS gets the back-up information. In addition, they will look more at the EIN for identification, rather than the name.

Cfoust652Author

It didn't have a box for me to enter a EIN number. It only had a box for the lender name and the second box was the amount of interest. Should there be a box for a EIN number for the lender? Thanks for your answer

smilesatcamp

If I didn't physically make any payments to my student loan, but I reconsolidated and received a 1099 - do I still claim that paid interest?

GeorgeM777

@smilesatcamp. Yes, include on your return that you paid student loan interest. With consolidation, your old loans (principal plus interest) are “paid off.” So in the process, you effectively paid interest on these loans. You may get a tax deduction for student loan interest paid. As long as your income is less than the threshold, you’ll get a tax break for student loan interest paid, even though you didn’t actually make a payment toward your loans.

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