No, you can’t divide in half. Box 5 should represent all scholarships and grants credited to the student’s account in 2014. It doesn’t matter when they are for, it matters when they were credited to the account in determining for which tax year they are reportable. When they are credited to the account is when the student received them. Verify the number with the bills and the student’s online account.
IRS Pub 970, page 6 tells you how to report any taxable amount on the forms.