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Can I "choose" which money paid for what at tax time (loan and scholarship)?
Simplistic example - tuition + room and board are $5.5k each, total $11k. Child takes the 5.5K federal loan, and gets a 5.5k scholarship.
I have no idea in which order the school actually applied the money, we just see 2 credits for 5.5k each, and then 2 charges of 5.5k each for the tuition and room and board.
Can I just "choose", when doing taxes, that the scholarship was used for the tuition so it isn't taxable income?