The main problem with this approach is the distributions count as untaxed income on next year's FAFSA, reducing eligibility for need - based financial aid. (finaid.org)
It requires some basic information such as your social security number, alien registration number (if you aren't a U.S. citizen), most recent income tax return or W - 2s, a bank statement, and records of untaxed income. (studentloans.net)
If you currently don't have any income or if you receive only untaxed income, you can indicate that on the online or paper application. (studentaid.ed.gov)