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For unsubsidized loans, you do not need to fill out FAFSA (my daughter has one). The reason why some school requires you to fill out FAFSA the first year is to determine if you need aid or not. Some people do not apply for FA when they do need it, hoping it would help their chance of getting in, then apply for aid later. If a school has a policy of only giving aid to incoming new students, then filling out FAFSA when you are making 300-500, is not going to matter later even if the parents should lose their jobs. If a school has a policy of meeting every student's needs, then filling out FAFSA when your financial situation changes, is also not too late.
My personal view - if you are borderline of getting FA (100-200,000), by showing that to adcom, your kid may not be as desirable as another kid whose family is making 500+ (more certainty of the family able to pay for 4 years).
Unless you know for certain you are going to get something back in return for your personal information, it's best not to disclose it.
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