FREQUENTLY ASKED FINANCIAL AID QUESTIONS When should I fill out the Free Application for Federal Student Aid (FAFSA)? You should apply as soon as possible after January 1st. USF has a priority file date of March 1st. We recommend that you complete your income tax return before filling out the FAFSA; however, it may be necessary to estimate tax information to meet our priority filling date. USF FAFSA Code: 001537 My parents are separated or divorced. Which parent fills out the need analysis? The parent you lived with most during the last 12 months. If you did not live with either parent, or if you lived with each parent an equal number of days, use the parent who provided most of the support to you during the last 12 months. Does my step-parent’s income and assets have to be reported on the FAFSA? If the parent whose information you are reporting on the FAFSA is married or remarried as of the date you completed be FAFSA, you must include information about your step-parent. My parents own a farm, does this have to be included under assets? Do not include family farm if it is your family’s principal place of residence and your parents claimed on Schedule F of the tax return that they "materially participated in the farm’s operation". My parents have saved for my college education. Aren't they being penalized for their savings? Normally, only 2% to 5% of parental savings is expected as parents' contribution. Because your family has saved for your education, you probably will not have the greater loan and work burden that students from families without savings will have to assume. Is there any special consideration if I have a brother(s) and/or sister(s) continuing their education beyond high school? Yes. The expected parental contribution is adjusted for families with more than one dependent child attending post-secondary education. I don't feel it is the school's right to request my U.S. Tax forms. What happens if I don't submit them? If you fail to comply with a request for U.S. Tax forms, the school will probably discontinue processing your application for aid. If you indicate on your need analysis form that you are not willing to provide proof of your income or copies of your U.S. Tax forms, your need analysis form will be returned to you unprocessed. Do I have to apply for financial aid every year? Yes. Your financial situation must be reassessed each year; however, the federal government has streamlined the re-application process by creating a renewal FAFSA with much of the previously submitted information already printed on the application. The renewal FAFSA is usually mailed in December .