Scholarships are taxable depending on what they are spent on. If you are a degree candidate, the amount of your scholarship that covers tuition and any required fees, books, supplies, and equipment is not taxable. These books, supplies, and equipment have to be required of everyone taking the class in order to qualify. The portion of your scholarship that covers room and board, travel, research, clerical help, and equipment is taxable.
What is financial aid?
ShareTweetFlipEmailPin0 SharesFinancial aid is money students are awarded to pay college. There are two forms of financial aid: gift aid and self-help aid. Gift aid is money that the student doesn’t have to repay. It can take the form of scholarships or grants. Self-help aid is money the student will be responsible for repaying such … Read more