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The income would go on the student's return and you would not qualify for any credits if you go that route. You are allowed to give her more income and you take the education credits.
I recommend you look at another of my answers for help.
See Where do I enter scholarship income? for her return.
Simple answer: yes.
But, taxes aren't simple, as you should now know, from your multiple posts and the apparent fact that you're also dealing with a 1099-Q.
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. Entering the 1098-T usually makes that easier.
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