Yes and the tax benefits could be used to get back some money you spent on tuition or loan interest.
What are Qualified Tuition Programs?
A QTP or 529 Plan is established by a state or school so you are able to prepay or save up to pay for your education related expenses and once withdrawn for school it will not be taxed.
How will I know if my college I plan on going to takes part in the QTP?
Just ask your financial aid office or admission staff.
What exactly is a Coverdell Education Savings Account?
A Coverdell Education Savings Account lets you save up to $2,000 a year for student education expenses for elementary, secondary, or college.
Are there any tax credits for higher education expenses?
Yes, two tax credits are available to help with the costs of tuition, fees, books, supplies, or equipment of college.
Do you not file a tax return?