The amount of deduction each student gets to claim depends heavily on their income or if they are a dependant, the income of their families. Households with an adjusted gross income above $130,000 per year or individuals with is an adjusted income above $65,000 per year will not eligible for the full tax break. Additionally students who happen to be home owners may be able to deduct their mortgage and/or interest payments as well.
Not sure how many students own their own homes... but I'd though I'd mention it as well.
Students rock