OFFICE OF FINANCIAL AID
662-252-8000 ext. 4061; or 1-888-886-8492; Fax: (662) 252-8895
Mr. Reginald Smith, Director of Financial Aid
MOST FREQUENTLY ASKED FINANCIAL AID QUESTIONS
What is financial aid?
Financial Aid is money that is given, loaned or paid to you to help pay for your college.
What is a FAFSA?
FAFSA is the acronym for the Free Application for Federal Student Aid. It is completed on-line at www.fafsa.ed.gov
What is the Rust College school code?
Rust College school code is 002433
How is financial aid eligibility determined?
The Free Application for Federal Student Aid (FAFSA) must be completed online. Students who apply for financial aid generally receive their results in one to two weeks. You will be sent a Student Aid Report (SAR) which is the result of your application. If you did make a mistake on your application, contact the financial aid office of the schools to which you applied to see how they want to fix your mistake(s). A Student Aid Report (SAR) without mistakes will contain a number called the Expected Family Contribution (EFC). This number will determine if a family qualifies for need or non-need-based financial aid.
What is an award letter?
An award letter is a statement that indicates the amount of aid for which a student is eligible to receive and the types of aid (grants, scholarships, loan, and/or work-study) that will make up the aid package.
Why was I selected for verification and what is the verification process?
One-third of all financial aid applicants are selected by the U.S. Department of Education for a process called verification. Verification is the process of validating the information reported on the FAFSA. These applicants are required to turn in copies of the student's and parents' tax forms if employed and additional documents such as benefit statements from public assistance to complete the process. Once the verification is complete, your aid eligibility will be determined and then you will be sent a financial aid award letter.
What is the difference between a loan and a grant?
Grants: Gift aid from federal, state, and/or college funds based on financial need or merit.
Loans: Money that is borrowed and must be repaid, generally after graduation, dropped below six (6) hours, or no longer enrolled in college. Interest rates are usually lower than commercial loans.
Do I have to accept a loan in my award package?
A student does not have to accept the loans in the award package, however; if the remaining aid is not enough to cover the cost of attendance, the student will be responsible for paying those charges.
Do I have to complete the Master Promissory Note and the loan counseling to apply for a loan?
Yes. Although your financial aid package may indicate that you are eligible for educational loans, you will not automatically receive loans. The MPN (Master Promissory Note) and loan counseling must be completed before loan funds are distributed and can be completed by logging on to www.studentloans.gov
Who is the Loan Officer?
The Loan Officer is Mrs. Benita Ivy. She is located in the financial aid office and can be reached at 662.252.8000 ext 4088 or BIvy@rustcollege.edu