The summer of 1997 remains a vivid memory for Pamela Fowler, director of financial aid at the University of Michigan . Shortly after Congress granted a number of tax breaks for college expenses, her phone started ringing off the hook.
Fowler still advises confused callers to talk to an accountant.
They can also consult IRS publication 970, a summary of the rules. Meantime, here's a look at the three biggest breaks. Families with more than one child in college can claim a full Hope credit for each. The break is available even to taxpayers who claim the standard deduction. A recent graduate who deducts the interest must be obligated to repay the loan it can't be in the parents' name.