There are many reasons why you should fill out the Free Application for Federal Student Aid (FAFSA). All students who wish to receive need-based financial aid must submit the FAFSA each year. This applies to most financial aid sources. The exception would be students who are receiving scholarships or non need-based grants only from Institutional sources, and who do not wish to be considered for any other aid, such as loans or work. If in doubt, file the FAFSA.