Students and families repaying student loans may be able to claim a deduction on their federal income tax return for interest paid on those loans. This does not require the taxpayer to itemize deductions, but the allowable deduction is adjusted based on taxable income and may not be available to those with higher incomes
The tax law which authorized this deduction requires organizations which issue loans to report information to the IRS for borrowers who have paid $600 or more of interest during the year. This information is reported on a 1098-E form each January. Borrowers may retrieve their 1098-E form (for Federal Perkins Loan and College Loans) here. Documents not retrieved by January 31st will be mailed to the borrower's home address on that date.
Federal Perkins Loans and St. Lawrence College Loans issued by St. Lawrence University are administered by UAS (University Accounting Services). UAS, therefore, prepares and mails 1098-E forms for these loans on behalf of St. Lawrence University. Borrowers and others with questions regarding these forms should call the UAS taxline number at 1-800-756-4311.
For more information on these tax credits, please refer to the IRS publication - Tax Benefits for Higher Education or speak to your tax accountant.