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1) FAFSA - yes, you submit it with estimated numbers, generally based on your previous years' taxes, and then correct it when your taxes are done. FAFSA can be corrected on line. Most state schools only require FAFSA. However, some state schools and most private schools require an different form called the CSS Profile, which is submitted again with estimated numbers and then corrected by hand and resbmitted; corrections to the Profile cannot be made on line.
2) Whether kids live there or not depends on a number of factors, and it's one thing that you should ask on any tour you take. Do most kids live on campus? Do most kids leave campus on the weekends (this is often called a "suitcase school")? It's more a personal choice.
3) Most employer-sponsored health insurance plans cover full-time students until age 22. Check with your HR department to be sure.
4) Save money in your name, not your child's. Open a 529 that is in your name with your child as the beneficiary. Assets in your name are "taxed" at 5.9% available for college; assets in your student's name are taxed at 20% available.
Now - breathe! And stay cool - it will work out.
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