What is a 1098-T?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit general student enrollment information and financial data for the corresponding tax year. Information included is student name, address, social security number or tax identification number, enrollment status, academic status, amount billed for qualified tuition OR amounts paid for qualified tuition (but NOT both), scholarship or grant amounts, and, if applicable, adjustments to prior year qualified tuition and/or adjustments to prior year scholarships.
Why aren’t there amounts in both boxes 1 and 2 on the 1098-T form?
Institutions may elect to report either the aggregate amount of payments received for qualified tuition and related expenses (box 1), or the aggregate amount billed for qualified tuition and related expenses (box 2) during the calendar year with respect to individuals enrolled for any academic period.
How do I receive my 1098-T?
1098-T forms are mailed on or before January 31st to the student’s mailing address recorded on file in our student database. To receive an electronic copy from our processor’s website you can follow the steps below:
Go to https://borrower.ecsi.net/
- Enter the school code: EJ
- Click on the "Need help logging in" link
Enter the requested information and click Submit
- Make note of the password provided and click on the Login Page link
Log into the online account and view the Tax Information under My Account