Which of the following is/are TRUE statement(s) regarding methodologies of college funding? (1) The interest expense deduction on education loans is subject to phase-out based on modified adjusted gross income. (2) The American Opportunity Credit is no longer limited to the first two years of post-secondary education, but is contains other limitations such as eligible expenses, and income. (3) Scholarship monies for room and board are generally taxable to the recipient. (4) College cost inflation has historically outpaced the consumer price index. (5) Federal Perkins loans are needs-based. a. (1), (3) and (5) b. c. (2), (3) and (4) d. (1), (4) and (5) e. All of the responses are true. Select one: (1), (2), (4) and (5) Which of the following is/are TRUE statement(s) regarding methodologies of college funding? (1) The interest expense deduction on education loans is subject to phase-out based on modified adjusted gross income. (2) The American Opportunity Credit is no longer limited to the first two years of post-secondary education, but is contains other limitations such as eligible expenses, and income. (3) Scholarship monies for room and board are generally taxable to the recipient. (4) College cost inflation has historically outpaced the consumer price index. (5) Federal Perkins loans are needs-based. a. (1), (3) and (5) b. c. (2), (3) and (4) d. (1), (4) and (5) e. All of the responses are true. Select one: (1), (2), (4) and