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Can I deduct interest if I have a private student loan that does not qualify for a form 1098-e?

My student loan was for a for-profit flight school, and when I requested a 1098-e from my loan company they said my loan didn't qualify for one. But they did send me an annual interest statement. Can I use the interest listed there as a deduction?

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Accepted Solutions
Leonard
Intuit Alumni

Can I deduct interest if I have a private student loan that does not qualify for a form 1098-e?

Yes, the fact that you did not receive a 1098-E does not prevent you from claiming the interest, as long as the loan is for a  Qualified Student Loan.  

The IRS defines a Qualified Student Loan as  

A loan you took out solely to pay qualified education expenses 

  • For you, your spouse, or a person who was your dependent when you took out the loan.
  • Paid or incurred within a reasonable period of time before or after you took out the loan.
  • For education provided during an academic period for an eligible student.

The link below provided information Tax benefits for Education that you may find useful.

https://www.irs.gov/pub/irs-pdf/p970.pdf

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1 Reply
Leonard
Intuit Alumni

Can I deduct interest if I have a private student loan that does not qualify for a form 1098-e?

Yes, the fact that you did not receive a 1098-E does not prevent you from claiming the interest, as long as the loan is for a  Qualified Student Loan.  

The IRS defines a Qualified Student Loan as  

A loan you took out solely to pay qualified education expenses 

  • For you, your spouse, or a person who was your dependent when you took out the loan.
  • Paid or incurred within a reasonable period of time before or after you took out the loan.
  • For education provided during an academic period for an eligible student.

The link below provided information Tax benefits for Education that you may find useful.

https://www.irs.gov/pub/irs-pdf/p970.pdf

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