Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill.  The Consolidated Appropriations Act, which was enacted recently, contains some revised tax benefits for higher education.  Here’s a rundown of what has changed. Deductions vs. credits Before the new law, there were tax breaks available for qualified education expenses including the: Tuition and Fees Deduction, Lifetime Learning Credit, and American Opportunity Tax Credit Tax credits are generally better than tax deductions. The difference? A tax deduction reduces your taxable income while a tax credit reduces the amount of taxes you owe on a dollar-for-dollar basis. First, let’s...