Scholarships are free money to go to college… right? The majority of the time, that holds true. But there are times where students may have to pay taxes on scholarship funds. While normally tax-free, the IRS states that if scholarship funds are used for “incidental expenses” like housing, transportation or meal plans, those funds must be included in a student’s gross income statement. Even scholarships intended to be used for room and board or for meal plans at school must be reported. [...]
College tuition seems to rise every year, but with the potential loss of many incoming and returning students due to the coronavirus, some schools are changing their tune. From cancelling planned tuition increases to introducing programs that waive tuition for in-state students, colleges and universities are trying to retain their current student population while also hoping to attract new students. [...]
Across the country, both private and public institutions of higher education have announced that they will be test-optional for students applying to enter school in the fall of 2021. This policy, instituted as a response to coronavirus cancellations of standardized testing dates, comes with the caveat that it would only exist during next year’s round of admissions. But the University of California system has gone in an entirely different direction by announcing that will no longer require the SAT or ACT for all California state applicants. [...]
