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 2020.
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 2020 student loan interest paid amount on your 1098-E Student Loan Interest Statement.
What do I do with my 1098-E?
You'll 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 how much of the interest paid on your student loans in the previous year is tax deductible. If you have more than one account, you'll need to look at multiple statements and add the numbers together for your total deduction. Enter the amount from box 1 into the student loan interest deduction portion of your tax return.
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 I find out how much interest was paid on my loans last year?
The number will be on your 1098-E Student Loan Interest Statement, which you can access by logging in to mygreatlakes.org and selecting My Accounts » Tax Filing Statements.
Is the amount of interest higher than you expected?
Capitalized interest (interest added to your principal) may be counted as interest paid on the 1098E. That capitalized interest and your origination fees may be tax deductible. If you have more questions on your 1098-E, please contact a tax advisor.
Please note: Because fewer loan payments were required and interest rates were at 0% for much of 2020, your interest paid was likely lower than in previous years.
Interest payments received by 5:00 p.m. Central time on December 31, 2020 are included on your 2020 1098-E.
Your 2020 1098-E is available.
1/14/21 - 1/31/21
You'll receive an email reminder or letter with your 2020 1098-E.
2020 tax filing deadline.
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.