When running the NPC for a school do I include older sibling’s merit scholarship money under other untaxed income where it says to include other money received toward child’s education expenses or something similar? I can’t tell if that means the child for whom I’m running the NPC or all children.
I’ve done it both ways and there’s a significant difference that could impact whether the school is realistically affordable or not. Although I realize NPC is just an estimate.
No, I wouldn’t think so.
Scholarships would not be untaxed income. If they exceed tuition, fees and books, the amount not covering qualified education expenses would become taxable income to the recipient.
I did not find that schools counted scholarship money of another child as an asset or income, and didn’t take into account how much the other school’s net cost was, with the exception of a military academy. If at an academy, do not count that child as another student in school.
I had one child on almost full scholarship but it didn’t change how much her sister received. I put ‘2’ in college, but didn’t put how much I paid for either.