Education

Yes,

The loans are immaterial at this point. You may claim an adjustment for the interest on these loans when you start repaying, but that is a subject for another time. Loans are like money out of your pocket. 

There are two different education credits, 

American Opportunity Tax Credit 

Lifetime Learning Credit 

If you have education expenses over scholarships/grants (FREE MONEY) then yes, more than likely it will be worth claiming the expenses as reported on the 1098-T. 

Not all expenses will be reported on the 1098-T if you purchased books and supplies (including Internet access if that is required for course study) outside of the school. Even books purchased at a school's bookstore may not be on the 1098-T. 

The American Opportunity Tax Credit (AOTC) can be quite valuable, up to $2,500. It can lower your tax liability and/or increase your refund. 

It is "REFUNDABLE" meaning even if you owe NO tax, you could get a $1,000 refund

It can only be used four times per student-

     If your parents (or anyone) claimed you as a dependent in the past and used the credit for your education expenses, it counts towards the limit 

     If you will have 5 years of expenses, decide if the credit should be saved for a future year when it will be more advantageous to your tax situation. 

     The credit "Maxes Out" with 4,000 expenses over aid, so if you paid 4,000 out of pocket (and the loans count as out of pocket) you should get the full AOTC. (there are income limits as well) 

The Lifetime Learning Credit is normally not as valuable as the AOTC, but has no limit to the times it can be claimed. 

HERE IS MORE INFORMATION 

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