Tax and Loan Information
Education Tax Benefit Information
Form 1098T is available to students through MuskieLink. For those who do not access the form electronically, Muskingum will mail a copy of a student's 1098T form for a given tax year by January 31st of the following calendar year. The IRS gives educational institutions the option of reporting either payments received or amounts billed. Muskingum has elected to report the amounts billed for each student (box 2 of form 1098T). When mailed, a student's form will be mailed to the permanent address on file with the university.
Please note that IRS Form 1098T is for informational purposes only. The data which appears on these forms can be used to claim educational tax credits, but the figures provided neither guarantee nor preclude eligibility for these tax credits. “Qualified tuition” in this context is determined by guidelines issued by the IRS. This may or may not reflect “qualified tuition” as determined by certain educational funding organizations, such as 529 plans. As a result of differing definitions as to what constitutes “qualified tuition”, there may be variation among the amounts that are deemed to qualify.
IRS regulations require that institutions of higher learning obtain the correct identifying number (e.g., SSNs and ITINs) for all matriculated students. If you are concerned that we do not have your correct SSN or ITIN, please complete Form W9S and return it to the Business Office, PO Box 2010, Zanesville OH 43702-2010.
We offer below direct links to information about the tax benefits available. These benefits consist of tax deductions and/or credits. Eligibility and which is best varies depending on the individual's circumstances. More information at:
- IRS Publication 970 Tax Benefits for Higher Education (pdf)
- IRS Publication 970 (html)
- IRS Form 8863 Education Tax Credits (pdf)
- How to read a Form 1098T
There are other articles below on credits and other tax issues, including tax credits, dependents, 529 plans, and personal finance issues. Check them all out.
For information on your loan, please contact the provider listed below. Information on different loans available and applying for loans is available at the Financial Aid Office:
- The Perkins loan agreement is between the University and the borrower directly.
- The University utilizes an outside processor, University Accounting Services (UAS) to service these loans. UAS provides information on student loan interest and payment directly to our borrowers.
- Department of Education - the Perkins loan program is a federal program. Here you can find information on:
Schell, Henry Strong, Martin Luther King, Caldwell and Hemphill loans
- These loan agreements are also made between the University and the borrower directly.
- UAS also services these loans and provides information on interest and payment.
Federal Direct (formerly Stafford) and PLUS Direct loans
- Information is available via the NLDS system at http://www.nslds.ed.gov/nslds_SA/
- Any provider of loans are acceptable to the University. Some of the providers are listed on the Financial Aid Office pages. The University will accept payment from any provider as long as payment is received within the payment due dates. Other arrangements must be approved by the Business Office as specified on the Student Accounts pages.
The Business Office staff also gives talks to both seniors and first year students on managing money. Our talk "Muskie Money 101" will be part of the First Year program's "Hot Topic Tuesday" presentations. We also present on financial issues to seniors for life after college. "Muskie Money 401" is offered in partnership with the Career Internship and Leadership Center. Look for information about both of these presenations.