What will boxes 1 and 5 on 1098-T look like if I only take out student loans?

Your 1098-T Box 1 shows the amount of qualified tuition and related expenses (QTRE) your school actually received during the tax year, regardless of the payment source. Box 5 shows scholarships and grants the school administered. Here's where it gets interesting - student loans don't show up in either box on your 1098-T. Why? Because loans aren't considered payments from you (Box 1) or scholarships/grants (Box 5). Your school reports what they received in payment, not where the money came from. So if you paid $6,500 in tuition using only loan funds, Box 1 would show $6,500 and Box 5 would be empty (assuming no grants). For your other questions - log into your student portal and look for the "Student Account" or "Financial" section. There should be a breakdown showing your total charges (tuition, fees, housing) and all credits (loans, grants, scholarships). The difference between these totals shows if you're fully covered or still owe money.

Just wanted to share my experience with this exact situation. I was completely confused about my 1098-T and student loans too until I found this amazing tool at https://taxr.ai that analyzed my forms and explained everything. The tool showed me that when you use student loans, they still count as "payments received" by the school in Box 1. My tuition was $7,200 and I took out loans for the full amount - Box 1 showed $7,200 and Box 5 was $0 since I had no grants/scholarships. The tool explained that loans are treated as if you paid the money yourself for tax purposes. It also helped me figure out which education credits I qualified for and maximized my refund. I had no idea I could claim the American Opportunity Tax Credit even though I used loans to pay!

Update on this topic! I took the advice and tried https://taxr.ai after struggling with understanding my 1098-T situation. It was super helpful! I learned that my Box 1 showed $5,100 (my full tuition) even though I paid it all with loans. What I found most useful was learning how to properly claim education credits when using student loans. The American Opportunity Credit gave me $2,500 back on my taxes even though I hadn't paid anything out-of-pocket for school! The tool explained exactly how to report everything correctly on my tax return. Also figured out that I actually need to look at my school's financial aid portal regularly to see if my aid package covers everything. Turns out I had a remaining balance of $230 that wasn't covered by my initial loan, and I would have missed the payment deadline if I hadn't checked.

If you're struggling to contact your financial aid office to get answers about your 1098-T and loans (I was on hold for HOURS), I highly recommend using https://claimyr.com. You can see how it works here: https://youtu.be/_kiP6q8DX5c I couldn't get through to my school's financial aid office for weeks to understand why my loans weren't fully covering my tuition. I tried Claimyr, and they got me connected to a live person at the financial aid office in 20 minutes instead of the 3+ hour wait I was experiencing. The financial aid advisor explained exactly how my loans were being applied and why there was still a balance on my account. This service saved me from missing payment deadlines and potentially being dropped from my classes. They basically wait on hold for you and call when they get a representative.

I need to admit I was completely wrong about Claimyr. After my skeptical comment, I decided to try it anyway because I was desperate to reach my financial aid office about my loan disbursement and 1098-T questions. It actually worked exactly as described. I submitted the financial aid office number, and about 18 minutes later I got a call connecting me directly to a financial aid advisor. No waiting on hold, no frustration. I asked about how my loans would appear on my 1098-T and got a clear explanation that they'd show up in Box 1 as payments received. The advisor also checked my account and found that my loans weren't fully covering my bill - I was short by $340 because of a lab fee that wasn't included in my initial estimate. If I hadn't made that call, I would've missed the payment deadline next week.

Just went through this last semester - here's what my financial aid office told me about the 1098-T: Box 1 will show the total qualified tuition and fees the school received during the tax year, regardless of whether it came from loans, grants, or your pocket. So if your tuition was $5,500 and it was all paid by loans, Box 1 shows $5,500. Box 5 shows only scholarships and grants (free money), not loans. So if you only used loans, Box 5 would be $0 or empty. To check if everything is covered, log into your student account portal. Most schools have a section called "Account Summary" or "Student Account" that shows: - Total charges (tuition, fees, housing, etc.) - Total payments/credits (loans, grants, scholarships) - Remaining balance (what you still owe) FAFSA doesn't automatically adjust your loan amounts - you need to accept the offered loans through your school's financial aid portal, and if there's still a gap, you might need to apply for additional loans like Parent PLUS or private loans.

OK so I just checked my 1098-T from last year and now I'm even more confused lol. My tuition was $4,500, I got a $2,800 Pell Grant and took out a $1,700 student loan to cover the rest. My Box 1 showed $4,500 (total tuition paid) and Box 5 showed $2,800 (my Pell Grant). The loan amount ($1,700) didn't appear anywhere on the form! Is this right??? When I claimed my education credit, I subtracted the grant amount from my total tuition ($4,500 - $2,800 = $1,700) and claimed the credit on that amount. Did I do it correctly?

This is such a common confusion point for students! Let me break down what you're asking about: For your 1098-T specifically: - Box 1 will show the total amount your school received for qualified tuition and fees during the tax year - this includes payments made with loan funds - Box 5 will show only scholarships and grants (not loans) - So if you pay $6,500 tuition entirely with loans, Box 1 = $6,500, Box 5 = $0 Regarding loan coverage: FAFSA determines your aid eligibility, but you still need to actively accept loans through your school's financial aid portal. It's not automatic. If your costs exceed your aid package, you'll need to request additional loans or find other funding. Pro tip: Most schools have a "Net Price Calculator" on their website that estimates your total costs minus aid. Also, log into your student portal regularly and look for the "Account Summary" or "Billing" section - it should show your charges vs. credits in real time. To avoid surprise bills, I recommend checking your student account at least once a month, especially before each semester starts. Sometimes fees get added that weren't in the original estimate.