Check out the IRS website:
http://www.irs.gov/individuals/article/0,,id=96271,00.html
"The Hope Scholarship Credit may be claimed for the qualified tuition and related expenses of each student in the taxpayer's family (i.e., the taxpayer, the taxpayer's spouse, or an eligible dependent) who is enrolled at least half-time in one of the first two years of postsecondary education and who is enrolled in a program leading to a degree, certificate, or other recognized educational credential. The amount that may be claimed as a credit is generally equal to: (1) 100 percent of the first $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses, plus (2) 50 percent of the next $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses."
This is an unbelievable incentive to continue your education. Essentially, the government pays for the cost of the first two years of college. Assuming the costs are similar to the cost of a community college. After two years, you are eligible for the "Life Time Learning Educational Credit." While not as generous as the Hope credit, it is still a great incentive to continue your education. In addition, the credit is applicable to distance learning colleges.
I have taken advantage of both credits for my education as well as my children. If you have any specific questions please send me an e-mail.