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Is financial aide scholarship grants considered income?

 
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1 Reply
RichardG
New Member

Is financial aide scholarship grants considered income?

In most cases, no.  A scholarship or fellowship grant is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution.

A scholarship or fellowship grant is tax free only to the extent:

  • It doesn't exceed your qualified education expenses;
  • It isn't designated or earmarked for other purposes (such as room and board), and doesn't require (by its terms) that it can't be used for qualified education expenses; and
  • It doesn't represent payment for teaching, research, or other services required as a condition for receiving the scholarship. 
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