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The 1098-T & Federal Tax Benefits

The 1098-T Statement

You will receive information about your annual educational expenses in a 1098-T statement. Schools are required to send this information to each student and to the IRS by January 31st each year. Iona College students can sign up to receive this form electronically or by mail to the home address of record. The student will be emailed each calendar year with the link to sign up for electronic delivery of the 1098-T, if desired. Iona College, like most schools, reports charges and awards posted to the student account for the tax (calendar) year. We do not report on the basis of payments made.

Remember it is wise to consult with a tax professional when calculating and claiming tax credits or deductions to ensure eligibility and to maximize whatever benefits may be available to you.


1098T FAQ’s & 1098T Login/Contact Information

How do I access or obtain a copy of my 1098T?
  • Students with access to myiona.iona.edu should login, select PeopleSoft, Self Service, Campus Finances, Bill+Payment. Once logged into Bill+Payment select eStatements from the menu bar (turn off any pop-up blockers in your browser).
    • For help logging into your myiona.iona.edu please contact Iona College’s Help Desk at (914) 633-2635.
  • Students without access to myiona.iona.edu (students no longer enrolled at Iona) must login to ECSI by clicking here.
    • Select “Click here to retrieve your login credentials.” Enter all the information requested. Your login credentials will appear after hitting submit. Please note that the zip code entered must match the one on file that the school sent ECSI.
  • ECSI can be contacted directly at (866) 428-1098.
When will I receive my 1098T?
  • 1098T’s are delivered electronically to students who accepted electronic delivery consent and mailed home to students who did not accept electronic delivery consent around the 3rd or 4th week of January.
How do I qualify for educational tax credits?
  • Determination of eligibility is the responsibility of the tax payer. Iona College cannot give out tax advice. We are required to file the form with the IRS and provide a copy to each student with qualified billed tuition and fees.
What do I do if I lost my form or if I did not receive a form?
  • Students with access to myiona.iona.edu should login, select PeopleSoft, Self Service, Campus Finances, Bill+Payment. Once logged into Bill+Payment select eStatements from the menu bar (turn off any pop-up blockers in your browser).
  • Students without access to myiona.iona.edu (students no longer enrolled at Iona) must login to ECSI. They can be contacted directly at (866) 428-1098.
What is Iona College’s ECSI school code?
  • JX
Click here to access Iona College’s 1098-T Cheat Sheet and FAQ’s.

The federal government provides a number of tax incentives that can help defray the cost of higher education. These incentives come in the form of:
  • Tax credits, which directly reduce the amount of tax you are liable for; and
  • Tax deductions, which reduce the amount of income that you pay taxes on.
You may qualify to use more than one of the benefits, but there are some restrictions against this as well. All of the tax credits and deductions are means tested and phased out at high income levels. We recommend that a tax expert be consulted to determine available benefits.

Detailed information can be found on the Internal Revenue Service website.



How to Claim Tax Credits

Education credits are claimed on IRS Form 8863. For details on these and other education-related tax breaks, see IRS Publication 970, Tax Benefits of Education. Read More »


Tuition and Fees Tax Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. The qualified expenses must be for higher education.

Calculate and claim your tuition and fees deduction on IRS Form 8917 - Tuition and Fees Deduction. Read More »


Student Loan Interest Deduction

Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. Read More »


Qualified Student Loans

This is a loan you took out solely to pay qualified education expenses that were:
  • 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.
Read More »