Phillip Said:

How do study grants, scholarship and student loans work?

We Answered:

Hi Mate, grants, scholar or student loan are 3 different thing but for 1 reason they exist which is to help the student.
Grant and scholar is similar, you don't have to pay back, they work as a gift of cash.
In other hand, loan will required you to pay back, and student loans probably would not charge you interest.
You can check more of grants or scholar information over the net.

Louise Said:

As a college student, are grants/scholarships considered income?

We Answered:

The answer is not as simple as has been suggested to you.

Grants and scholarships are NOT considered income as long as they are used for "qualified educational expenses". Any portion of a grant or scholarships that is spent for things that are not qualified educational expenses IS considered taxable income.

According to the IRS, these are the only forms of qualified educational expenses:

1> Tuition
2> School fees
3> Books and equipment that are REQUIRED of all student in your program of study

Common college expenses that are NOT qualified educational expenses:

1> Room
2> Board
3> Computer (unless required by your school)

If your grants and scholarships are going towards your room and board, then that's income, and you are supposed to be declaring that income on your tax return each year. If ALL of your grant and scholarship money is paying tuition, books and fees, then the entire amount is non-reportable, and is not income.

For more information on the complicated treatment of grants and scholarships, you would need to refer to IRS Publication 970, which can be found here: http://www.irs.gov/pub/irs-pdf/p970.pdf

Whether you have been properly accounting for your scholarships and grants or not, I'm guessing that you haven't been reporting them as income on your annual tax returns. If you haven't been reporting any income to the IRS, you're not going to be able to report it now (because it would be beneficial) to the lender - they'll want to see your tax returns as part of your application for the loan.

Good luck to you - I'm sorry for the disappointing news.

Elizabeth Said:

Where is help for student loans and grants and scholarships?

We Answered:

For student grants and loans complete the federal application at http://www.fafsa.ed.gov/. This will allow her to be considered for grants from the federal government, your state and Purdue, in additional to low-interest federal student loans. Check with the school's financial aid office regarding institutional scholarships. Check out the free scholarship search on line at http://www.finaid.org/.

Eugene Said:

A question about Taxes: Do I put all student loans, grants, and scholarships as taxable income?

We Answered:

No. Loans aren't income since you have to pay them back - you don't show them at all. Grants and scholarships are only income if they are spent on something other than eligible expenses - tuition and fees are eligible, room and board are not.

Dwight Said:

Who can apply for student grants and who can apply for scholarships?

We Answered:

careers.scienceontheweb.net - try this site. It has info about different US scholarships for college students and their grades requirements.

Rose Said:

Where can i find helpfull information on student grants and scholarships?

We Answered:

Here.