Tax Credits and the 1098-T
The Taxpayer Relief Act of 1997 and the American Recovery and Reinvestment Act (ARRA) allows a tax credit to be claimed for out-of-pocket payments made to Loyola University New Orleans for the tax year for tuition and certain fees. The IRS requires that we provide the 1098-T statement to you for your use in completing IRS Form 8863. A detailed listing of charges, payments, grants, and scholarships is available on our website through your LORA account. We recommend that you refer to that information to assist in determining the amount of credit which may be claimed on your behalf. This information must not be construed as tax advice. The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations, Form 8863, and, perhaps, the advice of a tax consultant. Click here for more information on the IRS website.
Do we have your correct SSN and address? Update it with Loyola's W-9S form.
If you wish to print a copy of your 1098-T form, please follow these steps:
- Click Here to go to the ECSI WEBSITE (also known as Heartland ECSI)
Create an ECSI account with your Heartland Key. This key was emailed to you when you opted to receive an electronic 1098-T form. If you do not have a key, please contact ECSI Customer Support.
- If you already have registered with ECSI, just proceed to log into your account.
- If you encounter any problems accessing your 1098-T please use the LIVE CHAT button or call ECSI toll free at 1-888-549-3274 or 1-866-428-1098. Due to high call volume, there may be a wait time to reach a representative.
Frequently Asked Questions About the 1098-T Form:
Question: Why did I receive a 1098-T?
Answer: Each university is required by law to report to IRS the names of all students who were enrolled in any course for credit during the previous calendar year and if any was graduate coursework. In addition, universities are required to notify the individual that the IRS has been provided with this information.
Question: What do the amounts mean?
Answer: The amount in Box 1 represents qualified tuition and related expenses for which we received payment during the tax year. This may include expenses for the following Spring semester that were paid in the previous tax year prior to December 31st. The amount in Box 5 represents scholarships and grants we processed during the calendar year.
Question: What am I supposed to do with this form?
Answer: Keep it with your tax records. You or your parents may be allowed to claim the American Opportunity or Lifetime Learning credit on your or your parents’ tax return. Please check with your tax return preparer for eligible amounts.
Question: How do I know how much I paid in tuition?
Answer: You should keep your tuition statements for each semester and refer to them when preparing your tax return. If you cannot locate the statements, you may access your account at LORA. Be sure to keep a copy of the 1098-T with your payment and tax records.
Question: Can I choose to receive my 1098-T form electronically?
Answer: You can choose to obtain your 1098-T form electronically and usually this is a faster way to get yours! Visit ECSI's electronic consent webpage and submit the requested information. Once the 1098-T's have been generated, you will be sent an email instructing you to the web site for access to your 1098-T. You may change your consent at any time by logging into your student account page or by calling ECSI's 1098-T Hotline at (866) 428-1098.
Question: If I lost my 1098-T can I get a new copy?
Answer: For fast access, you can log-in to LORA and view/print your 1098-T information under the ‘Tuition and Billing’ menu.
Or, you may print a copy of the 1098-T we originally sent you from ECSI’s website; instructions are listed above. ECSI originally mailed the form on our behalf and their website is a great source of information and resources for the 1098-T and claiming an education credit. We encourage you to visit this site and their links to IRS.