If you get your own checking account, you need to watch it for refunds and rebilling. I don’t know why but when we set up my daughter’s account with the school, any refunds went to my account (she had had a bank account since a month after she was born). We didn’t think there’d be much activity but there really was a lot.
She joined a sorority after about a month, so her entire meal plan was refunded to me, and then I had to pay the sorority bill. She did a study abroad program her sophomore year and she was already in England when the overage from her FA (basically 100% of the FA) was put in my account and I had to pay the study abroad program (all along we thought the school billed us and paid the program, but no). Her last year she dropped a class and replaced it with another class on the same day. The dropped class processed but the added one didn’t, the school refunded that amount on a Wednesday, and the school billed for the second class on the next Wednesday. I had to send them another $1500, the same $1500 that was just refunded. I received no notice of the amount due, just happened to see the ACH in my bank account and investigated what happened. (“Oh, that happens all the time. Just pay it back.” Well sure, but don’t you think you should let me know?)
You have to watch the charges and credits pretty carefully.
Oh, and if the money is still in your father’s account on ‘FAFSA DAY’, don’t include it in his assets either. Most FA that is ‘left over’ isn’t included.