I think it is the same as now, except that the standard deduction will be $12000, and then the rates on the taxable amounts will be different so yes, the student as a taxpayer should get a $12000 standard deduction, the parent would get a $500 credit instead of the personal exemption.
It will be a mess. My daughter will have this last semester of non QEE (about $5000) and then she’ll graduate and hopefully get a job so will need some of that $12000 to offset taxable income. Let’s hope our friends at TurboTax work it out.