Any person—

(1) which is an eligible educational institution which enrolls any individual for any academic period;

(2) which is engaged in a trade or business of making payments to any individual under an insurance arrangement as reimbursements or refunds (or similar amounts) of qualified tuition and related expenses; or

(3) except as provided in regulations, which is engaged in a trade or business and, in the course of which, receives from any individual interest aggregating $600 or more for any calendar year on one or more qualified education loans,

A return is described in this subsection if such return—

(1) is in such form as the Secretary may prescribe, and

contains—

(A) the name, address, and TIN of any individual— (i) who is or has been enrolled at the institution and with respect to whom transactions described in subparagraph (B) are made during the calendar year, or (ii) with respect to whom payments described in subsection (a)(2) or (a)(3) were made or received,

(B) the— (i) aggregate amount of payments received for qualified tuition and related expenses with respect to the individual described in subparagraph (A) during the calendar year, (ii) aggregate amount of grants received by such individual for payment of costs of attendance that are administered and processed by the institution during such calendar year, (iii) amount of any adjustments to the aggregate amounts reported by the institution pursuant to clause (i) or (ii) with respect to such individual for a prior calendar year, (iv) aggregate amount of reimbursements or refunds (or similar amounts) paid to such individual during the calendar year by a person engaged in a trade or business described in subsection (a)(2), and (v) aggregate amount of interest received for the calendar year from such individual,

(C) the employer identification number of the institution, and

(D) such other information as the Secretary may prescribe.

For purposes of this section—

(1) a governmental unit or any agency or instrumentality thereof shall be treated as a person, and

(2) any return required under subsection (a) by such governmental entity shall be made by the officer or employee appropriately designated for the purpose of making such return.

Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return under subparagraph (A) of subsection (b)(2) a written statement showing—

(1) the name, address, and phone number of the information contact of the person required to make such return, and

(2) the information required by subsection (b)(2).

For purposes of this section, the terms “eligible educational institution” and “qualified tuition and related expenses” have the meanings given such terms by section 25A (without regard to subsection (g)(2) thereof), and except as provided in regulations, the term “qualified education loan” has the meaning given such term by section 221(d)(1).

Except to the extent provided in regulations prescribed by the Secretary, in the case of any amount received by any person on behalf of another person, only the person first receiving such amount shall be required to make the return under subsection (a).

The Secretary shall prescribe such regulations as may be necessary to carry out the provisions of this section. No penalties shall be imposed under part II of subchapter B of chapter 68 with respect to any return or statement required under this section until such time as such regulations are issued.

(Added and amended Pub. L. 105–34, title II, §§ 201(c)(1), 202(c), Aug. 5, 1997, 111 Stat. 804, 808; Pub. L. 105–206, title III, § 3712(a), (b), title VI, § 6004(a)(2), July 22, 1998, 112 Stat. 781, 792; Pub. L. 107–16, title IV, § 412(a)(2), June 7, 2001, 115 Stat. 63; Pub. L. 107–131, § 1, Jan. 16, 2002, 115 Stat. 2410; Pub. L. 114–27, title VIII, § 804(c), June 29, 2015, 129 Stat. 416; Pub. L. 114–113, div. Q, title II, §§ 211(b), 212(a), Dec. 18, 2015, 129 Stat. 3085, 3086.)