In short . . . a major headache. I filled out the whole thing, it took forever, and asked for a lot of obscure, seemingly irrelevant information. Do a search and you'll find a bunch of threads on it. But if the school you're attending requires it, you'd better do it, or you're likely to get stuck with private loans at exorbitant interest rates, and you won't be eligible for any need-based grants if the school offers them.