You have the option to account for the refund that way, HOWEVER the 1,500 should already be in Box 5 so only Box 1 needs to be adjusted (lowered).
The 1,500 scholarship should be in Box 5 already, the only difference is that it was no longer used for tuition.
Keep this in mind next year if the school accounts for the refund on the 2024 1098-T and you need to adjust again.
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