Taxation of Scholarships, Fellowships, and Grants
All scholarship and grant funds received are subject to taxation by the Internal Revenue Service. The Tax Reform Act of 1986 allows for the exclusion of specific education-related costs such as tuition, fees, books, and supplies. Students should keep accurate records and receipts of financial aid and expenses. Questions and request for assistance in completing tax returns should be addressed to the internal Revenue Service or a private tax consultant. Student loans are not taxable.