Yes, there are benefits applicable, you can use these benefits to recoup some of the expenses that you have spent on tuition or loan interest. You can also use the benefits to maximize your college savings
Is it possible for me to withdraw funds from an IRA account to cover my college costs?
Yes, this is possible. You will need to pay income tax on the amount you withdraw from your IRA account, but no early withdrawal penalty will be applicable
How do I go about applying for tax credits for my education costs?
You will need to file a tax return, even if you normally don't do this because of your income level
I have heard about Qualified Tuition Programs, what exactly are they?
These are plans that are provided by a state or a school which allows you to either prepay or save up to pay your education costs. When you use these funds for your college career, the money that is withdrawn from the account is not subjected to tax
Does the college that you are hoping to attend participate in QTP's?
I am unsure but I don't think so
What happens if I don't file a tax return, am I missing out on something?