Yes, you can use tax benefits to get some money back that was used to pay for college expenses, for example tuition costs or loan interest costs
What types of tax credits are available for higher education expenses?
There are two tax credits that can be availed of which help offset the costs involved with tuition, fees, books, supplies or equipment. Thes credits reduce the amount of income tax that you pay
Have you regularly filed an income tax return in the past?
No, I haven't as there was no need for me to do so
I have heard about a Qualified Tuition Program, what is this and would it be beneficial to me?
A QTP/529 Plan is a plan that is set up by your school that allows you to either prepay or save up to pay education-related expenses. When you start in college, you can then withdraw funds from this account and any withdrawals made are not subject to tax
How will I know if my school participates in a QTP plan?
The financial aid or admissions staff in your school can help you with this
Can you give me more information on the Coverdell Education Savings Account please?