Skip to main content
June 11, 2020
Question

I can't determine a specific dollar amount used from my scholarship/student loans to pay for room and board and other expenses. How can I determine an estimate?

  • June 11, 2020
  • 3 replies
  • 0 views
I can't recall the specific amount used from my grants to pay for my expenses. What is the best way to determine an estimate?

3 replies

SusanY1
June 12, 2020

You may be able to estimate by looking at your tuition and room and board billing statements for the year and your scholarship and grant bills.   Your loan amounts are not relevant for the most part - you will only need to determine if any amount of scholarships were specifically allocated for this as that would make that scholarship money potentially taxable income to you. 

 

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
Carl11_2
Employee
June 12, 2020

What you used the borrowed money for doesn't matter, since borrowed money is never taxable income to the borrower.

However, any scholarship or grant money used for anything other than qualified education expenses of tuition, books, and lab fees may be taxable income. (note that room and board is not a qualified education expense, but can be an "allowed" expense for 529 distributions.)

 

Carl11_2
Employee
June 13, 2020

Jost log into your online college acount, go to the financials section of your account, and you can get a complete financial history down to the penny.