Eligible Tax Credits:

1. the IRS allows students and parents who file and owe taxes to claim one of two educational credits.
2. tax credits reduce your overall taxes paid dollar-for-dollar

Hope Scholarship Tax Credit

1. provides for a maximum $1500 per year per dependent student
2. is available only for the first two years of post secondary education
3. student must be enrolled at least 1/2 of the full-time workload in a program that leads to a degree, certificate or other educational credential
4. the credit can only be taken for expenses covering tuition, fees, and and books (if the book expense  was paid to the institution on condition of enrollment) minus any scholarships and grants received.  Room and board, personal expenses and transportation are non-eligible expenses
** some restriction apply

IRS more information:
http://www.irs.gov/...pubs