You cannot use the US savings bond exclusion for colleges that do not participate in the US Federal Aid Program (Grants, Loans, etc.).
The US Treasury says:
Post-secondary institutions, including vocational schools that meet the standards for participation in federal assistance (such as guaranteed student loan programs), qualify for the program. Proprietary institutions, such as beautician or secretarial schools, generally do not qualify.
See USING SAVINGS BONDS FOR EDUCATION
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