If my dependent (full time student) only had a $5000 income for 2023 on a 1099-NEC, does he need to file a federal tax return?

A dependent needs to file an IRS form 1040 tax return if his own income meets the filing requirements for a dependent.

A dependent of another taxpayer is required to file his or her own tax return if:

• Your earned income (money you made by working) exceeds $13,850,
• Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,250,
• Your business or self-employment net income (gross minus expenses) is at least $400,
• Your gross income (earned plus unearned) exceeds the larger of $1,250 or your earned income (up to $13,450) plus $400.

IRS Publication 17, page 89, states that the stipend may be considered compensation.

Compensation

Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, taxable alimony and separate maintenance payments, and taxable non-tuition fellowship and stipend payments.

See also this TurboTax Help.