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Many federal tax laws are available to families with expenses for a student or students in college. These include the Hope Scholarship Credit, The Lifetime Learning Credit, Tuition and Fees Deductions, Education Savings Bonds, 529 savings plans, Corel Education Savings Accounts, and the Student Loan Interest Deduction.
You should consult with a tax accountant or the Federal tax code to determine if you are eligible to take advantage of federal tax regulations. IRS Publication 970 for the year 2007 has valuable information. Consult the IRS for their publication for other years. It is the taxpayer's responsibility to obtain and use current IRS rules and regulations.