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Someone may have already asked this, but I'm going to again. Sorry!

I received a study grant from my MBA program, which provides me with approx. $4700 a semester of tuition waivers. Since i'm a ful time student, I only work part time, which means I don't have much income. I guess my question has 2 parts:

1. is the tuition remission taxable?

2. If so, what can i do to avoid taking a huge hit from Uncle Sam in April that I can in no way afford?

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