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Financial Aid Determination
Rust College awards most financial aid based on a student’s demonstrated financial need. Need is determined as follows:
  • Cost of Attendance
  • Expected Family Contribution (EFC calculated by completing FAFSA)
  • Student’s Financial Need

Example:          Cost     $13,600
                           EFC     -      600
            Unmet need     $13,000

 

Financial Aid Sources

Grants:           Gifts from federal, state, and/or college funds based on financial need.
Scholarships: Gifts from Rust College or outside sources based on demonstrated     
ability, leadership, and community service.
Loans:            Money that is borrowed and must be repaid, generally after you have
graduated or are no longer enrolled in college. Interest rates are usually
lower than commercial loans.
Work Study:  Money that is earned by working.

 

Financial Aid Procedures

To determine eligibility for any type of student financial aid administered by the Financial Aid Office you must:

  1. Complete the Free Application Federal Student Aid (FAFSA) form at www.fafsa.ed.gov. Federal School Code is 002433.
  2. FAFSA completed online must be signed electronically by student and parent. The Federal Student Aid PIN has been replaced with the FSA ID and Password. All students and parents must apply for an FSA ID and Password or you may print a signature page from the FAFSA application and mail it to:    

                                                        Federal Student Aid Program
                                                       P.O. Box 7001
                                                       Mt. Vernon, IL 62864-0071

Please remember to mail your signature page if you decide to use this method. If you do not mail your signature page or sign FAFSA electronically, your information is considered void.

  1. Complete the Admissions and Financial Aid Application.
  2. Be accepted by Rust College.
  3. ALL STUDENTS must complete the Student Loan Counseling Session and the (MPN) Master Promissory Note, if you are awarded a loan. Website: http://studentloans.gov

Verification Process
The U.S. Department of Education requires all institutions of higher education that participate in the title IV federal aid programs to verify information that a student has given when applying for Federal Financial Aid, if the student has been selected for verification.

As part of the verification process, students and parents will have to submit one or more of the following documents(s):

  • 2015 Federal Tax Return Transcript from the IRS. We can no longer accept the Tax Preparer’s copy of the 1040, 1040A, or 1040EZ Tax Return.  (To obtain a copy of your Tax Return Transcript, please call 1-800-829-0922 or visit www.irs.gov. Click on the “Order A Return” link)
  • 2015 W-2 form(s)  
  • Dependent or Independent Verification Worksheet.
  • Independent Verification Worksheet’
  • Other documents of untaxed income. (2015 statement of Child Support, Social Security or Disability Benefits, TANF, Workers’ Compensation, Untaxed Pensions, etc.)

ALL DOCUMENTS REQUESTED MUST BE SUBMITTED IN ORDER FOR STUDENTS TO RECEIVE A VALID AWARD.

Based upon the changes implemented by the U.S. Department of Education effective the 2013-2014 school year, we will no longer accept personal tax returns or W-2 forms. If you are selected for verification, you and your parent(s) must request the 2015 IRS tax return and IRS w-2 form(s) directly from the Internal Revenue (IRS). To obtain an IRS tax transcript, go to www.irs.gov and click on the “order a return or account or call 1-800-908-9946. Students and parents are encouraged to use the IRS Data Retrieval Tool in completing the FASA on the web.