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1098-T (Tuition Statement)

Drexel University is required by the Internal Revenue Service (IRS) to issue the attached Form 1098-T (Tuition Statement) to any student enrolled during the academic terms in calendar year 2007 and 2008, and billed in calendar year 2007.  For terms in calendar year 2007, Form 1098-T documents if your enrollment status is at least half-time, and whether you were enrolled as a graduate student during the reporting period.  The form also shows the amounts billed for qualified tuition expenses, and any scholarships or grants received between January 1 and December 31, 2007.  Additionally, the form includes calendar year 2007 adjustments to charges, scholarships and grants for prior years.

The Taxpayer Relief Act of 1997 included two tax credits that may be available to persons who pay higher education costs: The Hope Credit and The Lifetime Learning Credit.

Drexel University cannot determine if you are eligible for either of these credits or the amount of the credit for which you may qualify.  In addition, payments made in calendar year 2007 for terms starting after March 31, 2008 (Spring and Summer quarters and Summer semester) may not be eligible for the tax credit.  Please consult your tax advisor or IRS Publication 970, Tax Benefits for Education, for more information.

To determine the amounts of tuition and fees paid during the calendar year, please consult your records or go to your Banner Web account via Drexel One at http://one.drexel.edu/.

The IRS offers free forms, publications and other information at the local IRS office in your area.  In addition, you may request forms and publications by contacting them at their toll free number 1-800-TAX-FORM (1-800-829-3676) or on the Internet at http://www.irs.gov.

 
Telephone: 1-800-TAX-FORM (1-800-829-3676)
 
Links:

• Hope & Life Time Learning Educational Credits FAQ
• IRS Publication 970-Tax Benefits for Education
• IRS Notice 97-60