My son is in college with a merit-based scholarship. He did not know until recently that this scholarship is taxable. Because his scholarship is taxable, I will not be able to claim him as a dependent and I will owe back taxes for the time during which I supported him while he studied for the exams since he was unable to find a job. He owes $20,000 in student loans. I lost my house because I took an equity loan to pay $80,000 in student loans. They are punishing him for his hard work by taxing his scholarship.
I know that many of you out there are not able to go to college for financial reasons and I do not mean to leave you out. But I also know that many young people can't pay their student loans because of no jobs,now also taxes that require them to eat less in order to pay taxes.
This is historical material “frozen in time”. The website is no longer updated and links to external websites and some internal pages may not work.
