Educational Opportunity and Affordability Act of 2006

Educational Opportunity and Affordability Act of 2006 - Amends the Internal Revenue Code to: (1) increase, make permanent, and make athletic coaches, trainers, or assistants eligible for the tax deduction for the expenses of elementary and secondary school teachers; (2) allow the Hope scholarship credit for the first three years (currently, two years) of postsecondary education, expand the type of expenses eligible for the credit, and allow the receipt of Pell Grants and federal supplemental educational opportunity grants without a reduction in the allowable credit; (3) increase the employee tax exclusion for employer-provided educational assistance; (4) increase the tax deduction for student loan interest; (5) extend through 2010 the authority for issuing qualified zone academy bonds (QZABs) and include bonds issued for public schools in rural counties and counties with National Forest System Lands; and (6) increase the tax deduction for qualified tuition and related expenses.