#1
Dreams
by mike fogaren

In that cap and gown surrounded by my friends
Living 18 years thinking it would never end (end)
Will I see you again? (again)

Remember all those days we layed out by the shore
Relaxing all day just wonderin who we were (were)
Out by that shore (shore)

Thinkin bout the days we ran out in the sun
Chasing all our dreams, man..we were so young (young)
Out in that sun (sun)

College graduation right around the corner
Wanting all those dreams that we once had yearned for (yearned for)
Are they around that corner? (corner)

Now were out in the real world and getting older
Wishing our ambitions had been just a little bolder (bolder)
Before we got older (older)

I see that cap and gown but now my hair is grey
Watching my own son on his graduation day (day)
And I heard him say (say)

He said..

Remember all those days we layed out by the shore
Relaxing all day just wondering who we were (were)
Out by that shore (shore)
Out by that shore (shore)
Out by that shore (shore)
#2
To start off with, I'll say that 'wishing our ambitions had been just a little bolder' was my favorite line.

I like how this has a really passive feel, kind of like time is passing.

You're good at rhyming; keep it up. I want to hear this and am looking forward to reading more of your work.
#3
I didn't like the refrain feel of it. It's pretty much an unneccessary repitition of a thought in the stanza. I use the term unneccesary because, even though it was a prime thought repeated, the half line length felt tacked on. Therefore, the emphasis was lost, and the line is dead weight.
As far as content, it felt a little cliche, but not terribly so. Just my opinion.