This report is based on data from the 2011-12 National Postsecondary Student Aid Study (NPSAS:12), a large, nationally representative sample survey of students that focuses on how they finance their education. NPSAS includes data on the application for and receipt of financial aid, including grants, loans, assistantships, scholarships, fellowships, tuition waivers and discounts, veteran's benefits, employer aid, and other monies (other than from relatives or friends) students use to meet expenses. The following questions were answered: (1) What percentage of undergraduate students did not apply for financial aid in 2011-12, and how does that vary by type of institution?; and (2) What reasons do students give for not applying for financial aid?