Our son is 22 years old and a full time med student. Although he lives away from home, we support him for more than 50% of his living expenses. He has no other income except for student loans that he has taken out for tuition. Can we claim him as a dependent on our income taxes?

Since your son is a full-time student, under age 24, then as long as he lives with you (except for the time he may be temporarily away at school), and given that he does not provide more than half his own support, then yes - you can claim him as a dependent.

Ya my mom did up until I was 23, but she can't anymore because I make too much money.