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We know the 1098-T can be confusing, but we hope the following description of our process will help.The most confusing part of understanding the 1098-T is reconciling the calendar year with the academic year, and when financial aid is applied. The IRS allows us to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Capital University reports amounts billed (box 2).We send monthly invoices to our students. Summer semester charges are included in the May invoice, Fall semester charges are included in the July invoice, and Spring semester charges are included in the November/December invoice, depending on your program.* This means that you are billed for Spring of next year during the current year, so charges for next Spring will appear on this year’s form. However, based on Federal regulations, Financial Aid (grants, scholarships, loans) cannot be disbursed more than 10 days prior to the start of the semester. So while your charges for Spring count during the prior year, your financial aid for Spring doesn’t count until the current year.