^ In that case will not be cashing them out any time soon. I think they continue to earn for 30 years?
@mommdc the 45k was all tuition in my scenario, someone commuting to Harvard lets say.
However, I am wondering abut something you said. So if someone ELSE, from another state, as an EFC of 0 and attends Harvard lets say, where they pay 0.And COA is 65k including room and board, of which tuition and books are 45k. Do they pay tax on the 20k room and board? I thought, perhaps incorrectly that it is considered income to the extent a scholarship exceeds your COA?
I thought work study income was treated differently for purposes of W2s as opposed to working in a car wash?