<p>^
I don’t think of it as a “tax” at all. If this is a grant offered by the college itself (not Fed or State) then it can be taken away in any given year, if the school so chooses. This is a risk, obviously. </p>
<p>One thing you don’t mention is where would she work? If she is a professional and can land a great full time job with a great salary, that is different that making minimum wage cashiering at Target. The former certainly allows her to become more financially sound and increase her standard of living (prepare for retirement etc) while the latter may hardly be worth the trouble.</p>