Many students and parents wonder, do you have to pay taxes on grant money? Or are scholarships tax-free?
Getting scholarships for college is a fantastic way to ease the financial burden of education. The best part? You don't have to pay back scholarship money, making it a lifeline for students aiming to graduate with less debt and steering clear of student loans.
In this video, we'll explore the taxation aspect of grant money and answer questions like, "Do you have to pay taxes on grant money received?" and "Are school grants taxable?" Understanding the tax implications of financial aid is essential for making informed decisions about your kid’s college funding.
00:00 Intro
03:10 Nontaxable Scholarship Funds
04:45 1098-T Form
05:36 Taxable Scholarship Funds
06:30 Taxable Stipends
At The Scholarship System, we redefine paying for college to help families build strong financial futures. The Scholarship System teaches a step-by-step process to secure college funding, primarily focusing on scholarships, through our online courses and resources.
Families have secured over $12.81 million in scholarships to date, helping their students pursue their dreams of a debt-free college education.
Ready to pay for college with scholarships? Start Here: 👀 • How to Reduce Your Tui...
When you’re ready to go deeper, check these out:
💸 Free Webinar: 6 Steps to Securing Scholarships:
thescholarshipsystem.com/free...
🎓 The Scholarship System:A 6-Step System to Securing Scholarships (online course): thescholarshipsystem.com/onli...
💰 Debt-Free Degree Lab: Members-Only Community on paying for college with additional college tuition resources for parents: thescholarshipsystem.com/join...
🎓SUBSCRIBE: / @thescholarshipsystem
Let’s Connect!
FB: / thescholarshipsystem
Pinterest: / scholarshipsys
Twitter: / scholarshipsys
Instagram: / the.scholarshipsystem
TikTok: / thescholarshipsystem
P.S. International Students - This information is meant for US citizens and/or residents in the United States. While many of the tips will be helpful for you (i.e. how to write a well-written essay), we are not specialized in international student scholarships.