Yes. The tuition credit (or deduction) "goes with" the student's dependency. If you claim the student as a dependent, then you (not the student) claim the tuition credit, on your tax return. This means entering the 1098-T, on your return, in TurboTax.
If the student has taxable scholarship (typically box 5 of the 1098-T is more than box 1), the scholarship income is reported on his return.
Sometimes, it's necessary to enter the 1098-T on both the parent and student returns.
There's even a loop hole available for the parent to claim the credit, if the student is on scholarship. For details, see: https://ttlc.intuit.com/community/college-education/discussion/yes-that-is-a-tax-loophole-available-...
