My parents want me to quit work and finish school full time?

I have a full time OK paying job im 25 and 25k + car in debt. The way I figure is that if I take my parents offer to pay off all my debt and SOME of my car and go to school full time; What will happen to my tax return for next year? Do I have to declare it as a gift or will they be entitled to any of my tax return? I make circa 40k a year. Please advise thanks !