Pencils: check! Paper: check! Tax credits and deductions: wait, what? That’s right. As your college freshman heads off to the dorm, keep in mind that there are tax credits and deductions available to you.

The biggie here is the American Opportunity Credit, worth up to $2,500 for qualifying expenses for each qualifying undergrad. Other options worth checking out: the Lifetime Learning Credit and the tuition and fees deduction .

You can only claim one of these tax breaks per student. Not sure which you should claim? We have more information to find out which is the best fit for you and your situation.