Parents can claim Rs.300 as an education allowance each month. Thus, 300 x 12 = Rs.3600 per year as a tax benefit for education allowance. For hostel fees, you can claim Rs.100 per month or Rs.1200 in a year.
Therefore, in a single fiscal year, you can save Rs.3600 + Rs.1200 or Rs.4800 from your taxable income using these provisions.