26 USC 6050S - Returns relating to higher education tuition and related expenses

(a) In general 
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,

shall make the return described in subsection (b) with respect to the individual at such time as the Secretary may by regulations prescribe.

(b) Form and manner of returns 
A return is described in this subsection if such return
(1) is in such form as the Secretary may prescribe, and
(2) 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 or the aggregate amount billed 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, and
(C) such other information as the Secretary may prescribe.
(c) Application to governmental units 
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.
(d) Statements to be furnished to individuals with respect to whom information is required 
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 amounts described in subparagraph (B) of subsection (b)(2).

The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.

(e) Definitions 
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).
(f) Returns which would be required to be made by 2 or more persons 
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).
(g) Regulations 
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.