College costs over $100,000 in many cases–and sometimes final college costs hover near the $200,000 mark. So, most people apply for financial aid via FAFSA and/or the CSS Profile. Anyone who has gone through this process will tell you it’s frustrating, and some will tell you it’s not fair. Kiplinger’s had an article about “11 Student-Aid Traps to Avoid.” If you’ve never filled one of these babies out, then this article is a must-read. You shouldn’t LIE, per se, on your financial aid apps, but be aware that your answers will affect the aid decision. And your financial aid decision will affect you for potentially the next 20 years… Just sayin’.

One thing you should know is that you might feel screwed if you’re a member of the middle class. You’ll get over it after the 5 stages of grief have passed. What will frustrate many of you is that you’re considered a dependent of your parents until you’re 24.

Let’s take a look at a hypothetical example of how this can make you resentful for the first few years of your adult life. Let’s say that your parents make $200,000+ per year, own all sorts of real estate, and–for all intents and purposes–are shoveling money. You still apply for financial aid because you’re trying to be a good son, and you don’t get a dime of aid in the process. You still work throughout college, because you feel bad about your rich parents paying $50,000 per year for college. Then after 4 years you decide you no longer want to go to medical school and you completely change majors, because you realize you have a passion for Psychology (Read: saving lives, helping others, etc.). Mom and Dad get pissed off, say they won’t “waste” any money on a Psychology degree, and you’re stuck footing the bill for the last year of school, which is still $50,000, because you’re a dependent according to the Department of Education. Yup yup, I would HATE to be in that person’s shoes. Wait a sec… oh crap. Time to go pawn my watch so I can pay for the first 15 minutes of Psych 345 next quarter.