We took a parent plus loan out for my son back in 2020 to help cover college expenses that were not covered by scholarships, grants or financial aide. In 2021, the University said that they were going to remote learning due to the pandemic. Towards the end of 2021, my son was refunded back to his student account for room and board and meals because he was not living on campus. Since we had taken out the parent plus loan, he gave us 4, 884 dollars of that money to pay off the parent plus loan. However, he believes that he has to count the money as income that was refunded into his student account for room and board and meals on his tax return? Is this true? There was no other way for the school to transfer the money to Great Lakes who was student loan service provider. They said we would have to pay that loan off separately. The school does not take care of that. Is there anything we can do if he is having to count that as income?
Thank you!
Signed concerned parent
