I was thinking about using I Bonds as part of my children's college fund. Is the tax break the same for I Bonds as for Series EE Bonds?
Yes. If you qualify you can exclude all or part of the interest on I Bonds from income as long as the proceeds are used to pay for tuition and fees at eligible, post-secondary educational institutions. Details are available in IRS Publication 550, "Investment Income and Expenses”. Contact you’re nearest Internal Revenue Service District Office to get this publication.