Carol attends State University and received a $10,000 scholarship for her senior year that began in September, 2011. Up to the time of her graduation in May, 2012, Carol had paid the following expenses for the two semesters from her scholarship funds.
First Semester Second Semester
Tuition $3,000 $3000
Residence hall room and board 1,550
Apartment living expenses 1700
Books and fees 400 250
Job hunting clothes 100
Total 4950 5,050
Does Carol have any income as a result of the scholarship? If yes, how much is her income and in what years would it be included in gross income?