It depends on your income and how you filed your taxes. If your income is below a certain amount (I'm thinking $50k) and if you could file a 1040EZ or A, they do not include your savings/assets in your EFC, meaning it will have no effect on your financial aid. If your income goes above the specified amount or if you had to file a 1040, then something like 20% of your savings will be included in your EFC. If you fish around the fafsa website, you'll find a pdf with an explanation of how your EFC is calculated.
As usernameneeded mentioned, it won't affect your ability to get unsubsidized staffords or GradPlus loans because those are not need based. Since subsidized staffords are capped at $8500/year, you'll have to have a pretty large EFC to feel any effect. Last year, my EFC was $22k, and I still got that full subsidized $8500.
So the take home message is that it probably will have zero effect on your ability to get federal financial aid unless you go to a very cheap school. It might affect school based grants, but that's really an individual thing that none of us can help you with unless we go to your particular school.
. I mean, you don't have to , but it could be smart due to the fact that there are heavy bills to have after college is over, no matter what position you get. 
