I may be reading your question incorrectly, but be aware that scholarships used for room and board are taxable to the student.
Box 1 shows 47,000 tuition and Box 5 is 52,000, that leaves 5,000 taxable to the student. Be sure to also account for books and supplies. Whatever of the 5,000 went to books and supplies is also tax-free.
Anything left that you allocate to Room and Board is taxable to the student.
If you allocate any of the expenses to a credit that amount will also become taxable to the student (sometimes the credit to the parent is worth more than the tax to the student).
CLICK
HERE for IRS Pub 970 Tax Benefits for Education
