1098 - Tax Reporting for my loan
For 2023 you may have two 1098's one from Scratch for the period of 1/1/2023 - 8/31/2023 and one from Launch for the period of 9/1/2023 - 12/31/2023.
Note: If you only have a loan for AY23-24 then Launch will be the servicer who issues your 1098, if you have loans from previous academic years then you will have one 1098 from Scratch and one from Launch.
Note: If you only have a loan for AY23-24 then Launch will be the servicer who issues your 1098, if you have loans from previous academic years then you will have one 1098 from Scratch and one from Launch.
- Launch - your loan servicer - issues 1098 forms to all Funding U borrowers for the period of 9/1/2023 - 12/31/2023, regardless of what amount of interest you paid last year. 1098 forms typically arrive in the mail between late January and early February. https://www.launchservicing.com/
- Scratch - your previous loan servicer - issues 1098 forms to all Funding U borrowers for the period of 1/1/2023 - 8/31/2023, regardless of what amount of interest you paid last year. 1098 forms typically arrive in the mail between late January and early February. www.scratch.fi
NOTE: Per IRS requirements, Lenders/Servicers are only required to send you 1098 if your total interest paid exceeds $600 in a calendar year. If you have other private lenders they may not issue a 1098 but you can still deduct all student interest paid on your personal taxes. Please consult a tax professional for more information.
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