Can both the parent and student file the 1098 t or just one can file

Only one return can claim the education credit associated with the 1098T.  If a student is being claimed as a dependent on another tax return, then that student is not eligible for the education credit.  The credit goes on the return on the person claiming the student (i.e. parent).

Sometimes it is necessary for the student to report the 1098T even though they are being claimed as a dependent.  These are cases where scholarships/grants exceed the amount of educational expenses, which causes a taxable scholarship.  In these cases, the parent would not get an educational credit because there are no expenses left after subtracting the scholarships/grants.  But, the student still needs to report the 1098T and pay tax on the excess of the scholarships/grants after subtracting expenses because it is taxable income.