My brother is in college and my sister is attending a private high school. I would like to help my parents pay for their education. Is there any way to do this that would be tax-deductible?
The answer is closer to a "no." The breaks are geared toward allowing a tax deduction for interest on student loans, not a deduction for the education cost itself. @mbhunter's answer is great for the parents saving for a college education in the future, the growth in a 529 is tax free when used for higher education.
@tghw - you are kind to want to help. But it won't reduce your tax burden.