I was wondering how these work. This may sound like a very juvenile question but...am I getting money back or is it just contributing as a tax credit for every tax payer in my home?

You get tax credits for the money you spend on tuition, books, education in general.

You can either save these until you start making taxable income and use the credits to lower your tax incidence, or you can transfer them to your parents so they can use them right now.