A. No. If you are using paper-based application, you can include up to 4 colleges' codes, for the online version, you can include up to 10 schools. If there is any change to the list of schools your child applied, you can easily change the school code.
When the school's admission decision is made, the student needs to confirm with the financial aid office about which school to attend, so the financial aid will be reserved for that particular school.