Penn Foster 1098 T Form (2024)

FAQs

Does Penn Foster have a 1098-T? ›

Because we do not participate in the United States Department of Education student aid programs, we are not an eligible institution for students to claim or qualify for various tax credits. With this in mind, we do not send students or graduates 1098 forms or any other paperwork needed for filing your yearly return.

The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.

Since our programs are self-paced and independent study, Penn Foster is not considered "Full-Time" or "Half-Time" status and therefore we do not accept Financial Aid including FAFSA (or any other government funding) for any Degree, Diploma, or Certificate program.

Non Sufficient Fund [NSF] Fee: If a payment default occurs as a result of your maintaining insufficient funds in your account or on your card, you will be charged a $20 fee and Penn Foster College will resubmit for payment.

Who gets the 1098-T form? Schools are required to send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. Qualified expenses include: tuition.

Not all students are eligible to receive a 1098-T. Forms will not be issued under the following circ*mstances: The amount paid for qualified tuition and related expenses* in the calendar year is less than or equal to the total scholarships disbursed that year.

What should you do with Form 1098-T? The information on the form may have to be reported on your income taxes. In fact, it's necessary to use information from this form to claim education tax credits on your return. These credits can be worth thousands of dollars.

The credit can only be claimed once by either the parent (claiming student as dependent) or the student (not claimed as dependent), not both. Schools must send or make the form available to the student by January 31 and file a copy with the IRS by February 28.

The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.

The school is nationally and regionally accredited, which means that the diploma is recognized by colleges and employers across the country. The school also offers a variety of resources, including career services, academic support, and student clubs.

Do colleges accept Penn Foster diplomas? ›

As a graduate of Penn Foster High School, you've earned a regionally and nationally accredited high school diploma. That means that your diploma can be accepted at many, if not most, colleges around the country.

Penn Foster does not accept federal financial aid. Whether in the form of student loans or grants, such as the Pell Grant, available through FAFSA, we are unable to accept the same forms of aid as many major universities. Though no financial aid is accepted, we offer affordable monthly payment options with 0% interest.

Short answer? Yes! Besides being founded in 1890 and earning a respected reputation, Penn Foster's three schools — high school, college, and career — all have accreditation and are evaluated regularly to ensure courses meet the standards of each board. Some programs have industry-specific accreditation, as well.

If your final average for your Penn Foster College program is over 3.5, we recommend including it in your resume to show potential employers that you excelled academically in your field of study!

Penn Foster College is licensed by the Arizona State Board for Private Postsecondary Education and is authorized to award Associate of Science Degrees, Bachelor of Science Degrees, Undergraduate Certificates, and Career Diplomas.

Go to https://lionpathsupport.psu.edu/and once logged in to your Student Home Base, select "My Finances" and then select "Access Form 1098-T". This will direct you to your Student Account Dashboard where you can view, download, and print your Form 1098-T.

If a student's educational institution isn't required to provide a Form 1098-T to the student, you may claim one of these education benefits without a Form 1098-T if you otherwise qualify, can demonstrate that you (or a dependent) were enrolled at an eligible educational institution, and can substantiate the payment of ...

The transferability of Penn Foster College credits is solely at the discretion of the receiving institution. To help student transfer credits, over 125 of Penn Foster College courses have been recommended for college and university credit by ACE/College Credit Recommendation Service.

Students who receive scholarship or fellowship will see the sum of their eligible awards reported in box 5 on the 1098-T. Fellowship and scholarship support is generally tax-free when applied specifically to the cost of tuition, required fees, books, and some required course supplies or equipment.