The federal government has made a policy choice to share Free Application for Federal Student Aid (FAFSA) information with colleges. This arrangement has been viewed as an administrative detail by students, parents, policymakers, and even economists. The results of this study demonstrate that this seemingly unimportant administrative detail is actually an important policy lever that should be part of the current debate around redesigning the federal financial aid system. Taken as a whole, the author finds that although allowing colleges to use FAFSA information does increase efficiency somewhat and lower prices for some students, its main effect is to boost tuition revenue, primarily at the expense of middle- and high-income students.