Yes. Child support for children over 18 and out of high school is up to the discretion of the judge. You should file for reduction/termination. good luck
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The amount of child support for children over the age of 18 is still based on the child support guidelines, however, when the child is 18 or older and is enrolled in school the court will inquire into the particular circumstances of your case and make a determination of whether or not deviation from the guidelines is warranted based on other contributions made on behalf of the child. Before you file a modification action you should look at your separation agreement and/or judgment and read any sections relating to child support and education expenses to make sure this scenario wasn't already addressed in the agreement.
In this instance, I would argue that the parent who has set-up this account would not be obligated to pay child support. However, your assertion regarding the "scholarship" is confusing and does not make any sense in context. However, the custodial parent could certainly make arguments that the child support should continue to be paid, as the custodial parent still must keep a place for the child to live during school vacations, etc. The final decision would be made by the trial judge, and said judge has an extreme amount of discretion in this instance.
You should retain an experienced Family Law attorney to assist you in this matter.