Travel awards |
Generally, yes. The IRS views travel awards to students as support to further education, similar to taxable fellowships. The IRS does not consider students to be in a "trade or business," therefore, student travel expenses do not qualify as reimbursed business expenses. |
Prizes (usually given for outstanding research, teaching, etc.) |
Generally, yes. The IRS does not treat this type of merit award as tax-exempt. |
Student loans |
No. According to the IRS, loans are not taxable income. However, there are provisions in the Internal Revenue Code related to below-interest loans and debt forgiveness. |