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It could if she discloses that your are providing more than 1/2 of her support or if she were to be selected for audit in terms of her reporting to determine the amount of her payments as a percentage of her income. Is she still in school or has she finished school & working full time?
OK, well again as long as she accurately discloses your support there's no problem and tax wise you are entitled to claim her as a dependent. As you say, however, it could affect the terms of her student loan responsibility if she hasn't disclosed your support.