Tag Archives: tax return

Is Financial Aid Taxable?!


Only scholarship amounts used to pay for only tuition and required fees are non-taxable. However, scholarship amounts used for room and board, travel, research, and equipment are taxable. In other words, if you received scholarships and/or grants in excess of the cost of tuition and fees, you’ll have to pay taxes on the amount that exceeded tuition and fees. If you fall into this category, you can expect to receive a 1098-T form from the cashiers office.

Eduational Grants

Monterey Institute Grants, Pell Grants, and Supplemental Educational Opportunity Grants (SEOG) are treated like scholarships and are tax-free if they are used to pay for qualifying tuition expenses. Money from these sources that is used for travel to and from school is taxable.

VA Benefits Payments

Any Veterans Benefits that you receive for education or training that are administered by the Department of Veterans Affair are tax-free.

New Year’s Resolution: Filing Your Tax Return

Do you owe Uncle Sam this year?

You may find that you are not “required” to file. Determine if you are required to submit a tax return now!

Does the IRS Owe You?

Then by all means…FILE! That’s the only way to get your money back. And we highly doubt any of you would want to miss out on those hard earned dollars. Download your tax forms.

Yes, Federal Work Study Students Pay Taxes Too!

Although your federal work study dollars are coming from the government, you may have to pay taxes on this income. However, these earnings are excluded from your earnings on the FAFSA form. Be sure to include your federal work-study earnings on Worksheet B whey you file the FAFSA form.