The exam is a test of your knowledge of fundamental engineering topics and you are most likely rusty on some them. A structured review prior to the exam will help you ecall the information you may not have readily available and to pass the exam the first time you take it. The students who do pass say that the review was a big help in passing. I was told that everyone fails the exam the first time they take it. Students who are prepared for the exam, have done some review of the material on the exam, and who come to the exam rested, do well when they take the exam.
Many people pass the exam the first time they take it.
You should too. Yes you should. There is no better time to take the FE Exam than when you are in school. While you may not need to be a registered professional engineer for you first job, many engineers have found themselves changing jobs mid-career and having a PE has been a tremendous help to them. Should you choose to consult or even hold some governmental jobs, being registered is required.