Absolutely not!! Fill that baby out ASAP. You can list multiple schools on the FAFSA (I think up to almost 10?) with no penalty. The information will be forwarded to schools and they will only create award information for accepted students! You want to get this done soon because GradPLUS loan applications will be starting soon, and require FAFSA related award information.If you are waiting to hear back from a school you've been waitlisted on; Should you wait to fill out FASFA?