<p>It depends on whether you are a dependent or not. While our son was in college, he was still our dependent, and we took the tax credit for his tuition. (A dependent receives more than 50% of his support from the parents or whomever he is the dependent of.)</p>
<p>However, this past year, we did not put our son as a dependent on our tax form (since he graduated in May and is self-supporting) and so even though we paid tuition and some loans, the credit goes to him. If the student is not a dependent, then the credit goes to the student even if the parents pay.</p>
<p>Now, these credits are very small, as are the deductions.</p>
<p>And this is strictly tax stuff, nothing to do with financial aid from the government, which is separate, but based on the FAFSA, which is based on tax forms for the preceding year.</p>