Only 60% of the credit is "refundable" . The other 60 % can only be used to reduce your tax liability. $700 is unlikely amount, for the refundable portion, so it sounds like you only had a $700 tax liability to reduce to 0.
Most students under age 24 are not eligible for the refundable portion. So, you probably get none of that.
Otherwise, you probably made an entry error(s).
But, the most important thing is: it's not (usually) optional who claims it. If you qualify to be your parent's dependent, only they can claim it (there's an unlikely rare exception).
But the most
