OK, I'm off my high horse. I just broke some bad news; now, here's some WORSE news! Unfortunately, the FAFSA is not the only financial aid form required.

Many private colleges require you to submit an additional form, the CSS/PROFILE. Also, many private schools require their own institutional aid forms. These forms are even more hateful, more onerous than the FAFSA. My partner, "College Pete," likens filling out the Profile to a root canal without Novacaine. How's that for a graphic image?

He's got good reasons for saying this. Here's what he's talking about:

You must be even more careful completing the profile, particularly the sections earmarked for the student to complete. Some common questions for the student to answer: "How much money do your parents have to pay for your college education?"

Whoa, Nelly! How many high-schoolers can answer this question? Do your children know your bank balance?

If the student gives one answer on his form, and you give another figure on your form, there's trouble in River City.

If the private forms and FAFSA are even slightly inconsistent, your financial aid application could be delayed or flat out rejected! And you can't say something like, "my kid was on drugs when he filled out the form - please let me change the answer!" Admissions departments are kind of funny about stuff like that.

Here's the bottom line. You must approach the college financial aid forms very carefully. Be careful whom you speak with - high school guidance counselors are typically too busy to develop any expertise in this area (the average guidance counselor handles something like 471 students in Florida). You CPA, money manager or other trusted advisor may give you advice that might make sense for their purposes, but may actually reduce the amount of aid that you'll qualify for!

If you've been procrastinating about your college planning, now is the time to STOP. Sophomore Year (yes, Sophomore Year!) is the ideal time to get serious about the planning process. Speak to a knowledgeable college financial aid expert sooner, rather than later.

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