One of the biggest myths about financial aid is that you can’t (or shouldn’t) submit the FAFSA if your parents have a high income. Everyone, regardless of their parents’ income, should submit the FAFSA. The FAFSA unlocks more than federal grants and aid. Many states, aid programs, and colleges require that you fill out the FAFSA to be eligible for other forms of aid including work-study and loans. The requirement to earn an entry for this step is to submit the FAFSA, not to demonstrate financial need.