lab supplies/computer/books are considered qualified expenses for the education credit or deduction.
School loans are not considered income for the $4050 income test. However school loans are considered support not provided by you for the support test (unless you co-signed the loans).
To claim him as a dependent, you must have provided more than 1/2 his support. The IRS has a worksheet that can be used to help with the support calculation. See: <a rel="nofollow" target="_blank" href="
http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf"...> The support value of a home is the fair market rental value, divided by the number of occupants.
