College students should take a look at IRS Publication 970 - Tax Benefits for Education. This publication explains 12 different tax benefits including:
1. Scholarships, fellowships, grants and tuition reductions,
2. American opportunity credit,
3. Lifetime learning credit,
4. Student loan interest deduction,
5. Student loan cancellations and repayment assistance,
6. Tuition and fees deduction,
7. Coverdell education savings account (ESA),
8. Qualified tuition program (QTP),
9. Education exception to additional tax on early IRA distributions,
10. Educational savings bond program,
11. Employer-provided educational assistance,
12. Business deduction for work-related education.
Publication 970 is on line at http://www.irs.gov/pub/irs-pdf/p970.pdf
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