Taking the time to fill out the FAFSA every year is, in my opinion, worth it. Filling out the FAFSA should at most take 30-45 minutes. Even if a student only receives $250 from filling out this form, they are still getting a return of $333 to $500 an hour, even more if it saves the student future interest on student loans. That is far better than any job most students will hold in college.
As a recent college graduate there was no way for me to even consider school without the resources the FAFSA unlocks. I realize for some people that this might prove to be a headache, but most schools will not even consider you for financial aid without that information, including scholarships.
You only have to fill one form online with FAFSA, and you could qualify for a number of grants and loans. I am currently in school, and without FAFSA, I would not be able to go. Most people qualify for more than they think they do. With the economy being as bad as it is, people need to take advantage of the loans and grants while they will exist. With all the cut backs, eventually the government will more than likely cut off student aid!
I do not have specific numbers but if you qualify for grants and subsidized loans then yes. If you do not your are leaving free and cheap money on the table. If your income or in the case of dependent students income is to high then no there is no help available but you can ask before you assume no.
Filling out a FAFSA form is quick, and it provides you with a cheap loan for education. Imagine what you would be doing with the time you would be spending doing something else. Would it be more valuable than the potentially thousands of dollars that could be saved by obtaining loans at a much lower interest rate?