Have Sallie Mae and Direct provided 1098's yet?

[texasnightowl]

I was able to move my student loans from Sallie Mae to UHEAA by going through Direct Loans. So my loans were with Sallie Mae in January of 2006 and into February. Moved to Direct in February thru April and then were at UHEAA. I have received my 1098 from UHEAA but assume I will also receive 1098's from SM and Direct? I can not log into Sallie Mae any longer since I have no account. I am just wondering if I am right and will get 1098's from all.

[Necie R]

I was able to move my student loans from Sallie Mae to UHEAA by going through Direct Loans. So my loans were with Sallie Mae in January of 2006 and into February. Moved to Direct in February thru April and then were at UHEAA. I have received my 1098 from UHEAA but assume I will also receive 1098's from SM and Direct? I can not log into Sallie Mae any longer since I have no account. I am just wondering if I am right and will get 1098's from all.

Log into sallie mae online to view your 1098.

[texasnightowl]

I was able to move my student loans from Sallie Mae to UHEAA by going through Direct Loans. So my loans were with Sallie Mae in January of 2006 and into February. Moved to Direct in February thru April and then were at UHEAA. I have received my 1098 from UHEAA but assume I will also receive 1098's from SM and Direct? I can not log into Sallie Mae any longer since I have no account. I am just wondering if I am right and will get 1098's from all.

Log into sallie mae online to view your 1098.

 

I've tried...with my previous account numbers / login info. Won't let me. Last year they emailed me the 1098 but I have not gotten an email yet either and my email address has not changed.

 

This is what I get when I try:

 

Please call us

 

We are unable to locate your account on file. Please ensure your loans are serviced at Sallie Mae before signing on. If you are new to Sallie Mae, please verify you have received your first loan disbursement prior to enrolling on Manage Your Loans. If you still have questions, you may call us at 888-272-5543.

Edited February 1, 2007 by texasnightowl

[Cynic]

They are required by law to mail it (or email if you agreed to electronic correspondence) to the latest address they had on file no later then 01/31/07.

 

What you need: Interest paid in 2006, and the servicers tax id #.

 

What you do not need: the piece of paper with the above information.

 

If you can't view it online, call them. Their automated system may give it before you even talk to anyone.

Edited February 2, 2007 by Cynic

[texasnightowl]

They are required by law to mail it (or email if you agreed to electronic correspondence) to the latest address they had on file no later then 01/31/07.

 

What you need: Interest paid in 2006, and the servicers tax id #.

 

What you do not need: the piece of paper with the above information.

 

If you can't view it online, call them. Their automated system may give it before you even talk to anyone.

 

OK, called them. Not fun. The CS is clueless. So I say I'm calling to find out if I'll get a 1098. My loan was paid/moved in February but a payment was made in January. CS: There's no interest on the account. Me: The loan was active for a month and a half. Interest did accrue. CS: I'm not seeing any interest on the account. Me: How can there not be interest paid? CS: Please hold.

 

She comes back and says the interest on the 1098 is $153. I ask for a 1098 to be mailed and she says one is not automatically sent since interest is less than $600 but that she will send one and will be 7-10 days. Fine. Thanks.

 

Now....the other thing is...I think the $153 is low. I need to go back and check disbursement dates, but I think Sallie Mae held the loan until mid-Feb. which we be about 45 days of interest. My Sallie Mae interest rate was 9%. At my current lender my interest rate is 7%. My monthly interest currently runs anywhere from $175-$185/month. So I will at least be waiting on the 1098 instead of taking the word of the CSR who doesn't think that loans have interest.

[Cynic]

OK, called them. Not fun. The CS is clueless. So I say I'm calling to find out if I'll get a 1098. My loan was paid/moved in February but a payment was made in January. CS: There's no interest on the account. Me: The loan was active for a month and a half. Interest did accrue.

 

Accrued interest is not reported to IRS. Interest paid is what is reported.

 

CS: I'm not seeing any interest on the account. Me: How can there not be interest paid? CS: Please hold.

 

She comes back and says the interest on the 1098 is $153. I ask for a 1098 to be mailed and she says one is not automatically sent since interest is less than $600 but that she will send one and will be 7-10 days. Fine. Thanks.

 

ummmm....the company I work for sends the 1098 even if interest paid is 0. They told us its required by law. Sounds like Sallie Mae is still being SLMA lol. I really don't hear very many good things about them from borrowers.

 

Now....the other thing is...I think the $153 is low. I need to go back and check disbursement dates, but I think Sallie Mae held the loan until mid-Feb. which we be about 45 days of interest. My Sallie Mae interest rate was 9%. At my current lender my interest rate is 7%. My monthly interest currently runs anywhere from $175-$185/month. So I will at least be waiting on the 1098 instead of taking the word of the CSR who doesn't think that loans have interest.

 

Accrued interest is not reported. It's interest paid. Sounds like Sallie Mae service rep was not very well trained. I'm not surprised. Hopefully Direct Loans will be better.

[texasnightowl]

Accrued interest is not reported to IRS. Interest paid is what is reported.

 

Well, accrued interest becomes interest paid when payments are made, right? I mean interest accrues until it is paid. Or is my understanding of terminology completely wrong? So the interest was "paid" when I made my payment on Jan. 22 and when the payoff check was received in February. So I should have a 1098 reflecting that interest that was paid.

 

Regardless, I'll be waiting on the 1098 before I touch that line in my taxes

[ziggypop]

 

Accrued interest is not reported to IRS. Interest paid is what is reported.

 

Well, accrued interest becomes interest paid when payments are made, right? I mean interest accrues until it is paid. Or is my understanding of terminology completely wrong? So the interest was "paid" when I made my payment on Jan. 22 and when the payoff check was received in February. So I should have a 1098 reflecting that interest that was paid.

 

Regardless, I'll be waiting on the 1098 before I touch that line in my taxes

 

You're close! The "interest paid" means the interest paid by you. So, the interest that was paid on your January 22 payment is what counts. The interest that was accrued between your January 22 payment and when your loan was transferred to DL was part of the consolidation amount that was paid by DL to SM. You paid that on your February payment to DL, so it would have been included in the 1098 from DL. You got credit for it, but it's just through DL and wouldn't be reflected on SM's 1098.

 

Hope this makes sense! Good luck!!