You help pack the car and drop your entering freshman off at Cool U and drive off into the sunset relieved that you've done your job and the rest is up to your freshman and your checkbook, right? Not so fast Mom and Dad. You will likely be completing the annual FAFSA and institutional forms for the duration of your son or daughters time in college. Families often think they are done with financial aid once a student has enrolled for freshman year. They also often think the award for freshman year will repeat. Maybe it will and maybe it won't.

Not planning to complete the FAFSA because you make too much money? Before you make that decision, consult your financial aid and scholarship office to see if your college recommends the FAFSA (and maybe the CSS Profile) for higher income families. Some colleges use the data on those forms to award merit aid as well as need-based aid.