You can use both if each is applied to its own education expenses. You cannot use the same expenses for more than one education benefit.
For example, you have $2,900 in education expenses. You received $1,900 in principal and interest from your savings bond and used the funds to pay for $1,900 in qualified education expenses. You can use the remaining $1,000 in expenses to qualify for the American Opportunity Credit.
Click this TurboTax FAQ What are Examples of Education Expenses for more information.
