It is possible as Swimcatsmom says, but most of the time, i have found that it is still advantageous on the whole to make that tax contribution. You lower your taxes to have to be paid on the state and federal level, and have some money in savings. For that, you may be bumped up a bit on the EFC which is probably no big deal unless you are truly on the brink for a PELL grant, at which level few people are able to be considering such contributions, so it's usually a moot point.
Be aware that PROFILE schools do eye the retirement account numbers. Some outright do use them. Some only do if they are considered "large'. Still, it's better to have than not to have in this area.