Are college scholarships and grants taxable?

Description

Abstract: With students headed back to campus, college finances are on the minds of many parents. This includes parents of students who have received scholarships and grants. Obviously, these funds help relieve some of the burden of paying for college. But many parents might be wondering whether they’re taxable. This article highlights a number of different factors that may determine the answer to that question, including whether the scholarship or grant funds are being used to pay for qualified education expenses or for optional expenses.