Tax Related

Is it possible to view my 1098-E Statement of Student Loan Interest online?

If you have paid interest on your student loans in 2009 that information is now available on ACPE's web site(the 1098-E Form is not). To view 2009 tax information, register or login to your ACPE account and select “Account Information,” then select the “Tax Information” tab. If you have paid interest in 2009, interest information will be displayed.

What is a 1098-E?

A 1098-E Statement of Student Loan Interest provides the amount of interest paid on your loan during the past year. You may be eligible for an income adjustment on your federal taxes as a result of interest that you paid on your student loan. For more information, please contact your tax advisor or refer to IRS Publication 970, Tax Benefits for Education.

I received a 1099-C in the mail. What is it?

Permanent disability, death, or other circumstances may result in a student loan lender writing off all or a portion of a borrower's debt. If the amount written off is greater than $600, the federal government requires the lender to file a 1099-C, Cancelation of Debt. The total written off may be taxable. For more information, contact your tax adviser or refer to IRS Publication 525, Taxable and Nontaxable Income.

I did not receive my student loan tax forms. How can I get them?

Appropriate tax documents are mailed automatically to the address listed in our records. If you are in repayment and paid interest on your loan last year, or had at least $600 of your balance written off, you should have received your forms by mail. If you did not, please contact customer service, and update your contact information if necessary.

My school did not send a Form 1098-T to me. What should I do?

The Internal Revenue Service (IRS) requires eligible institutions to furnish a 1098-T, Tuition Statement, to each student. The IRS defines an eligible educational institution as a college, university, vocational school, or other post-secondary educational institution that is described in section 481 of the Higher Education Act of 1965 as in effect on August 5, 1997, and that is eligible to participate in the Department of Education's student aid programs.

For specific information on qualifying educational tax deductions and credits see IRS Pub 970, Tax Benefits for Education and contact your tax adviser. If you believe your school is required by IRS to provide a 1098-T, contact information for the IRS can be found on their web site at http://www.irs.gov/.

Are there tax benefits associated with AlaskAdvantage loans?

Yes. The federal government has authorized various tax relief benefits for individuals pursuing higher education. Check with your tax adviser or the IRS web site for the latest details.