1)It is better to get a paroled I-94, in order to get financial assist for kid who is going to college.
for most 485-pending families, usually financial assist is needed when a kid goes to college, except few rich ones.
2)Actually there is a quote for international student of most of colleges, even Univ P. but they never admit it publicly. Without the paroled I-94, you kid will be treated as almost as international student, but not explicitly. you know, how much financial aid for you depends on a lot of factors.