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
POLICIES/CONSUMER'S RIGHT TO KNOW:
How Federal Student Financial Aid Eligibility is Determined
The process of determining a student’s eligibility for financial aid is called need analysis. Data you provided on the Free Application for Federal Student Aid (FAFSA) is used to determine the Expected Family contribution (EFC). A standard formula established by the United States Congress and called federal methodology is used to calculate the EFC. The EFC number is used to determine Pell Grant eligibility. It is also used in a formula to determine your financial need.
Budget (Cost of Attendance)
-Expected Family Contribution
-Other Outside Resources
Budget (Cost of Attendance)
The budget or cost of attendance is an estimate of the student’s education expenses for the period of enrollment (usually one Academic Year; Fall and Spring semesters. It consists of tuition, fees, average cost for room and board (actual cost if the student lives on campus), books and supplies, transportation, and personal expenses.
Distribution of Awards
FSEOG and FWS are need based federal funds. These funds are very limited in the amount. The College will award these funds based upon availability, to students who demonstrate “need” as determined by Federal Regulations. FWSP and FSEOG recipients must also be eligible for Federal Pell Grant. Students are encouraged to complete the process as soon as possible each year prior to the time these funds are depleted. Federal Pell Grant and William D. Ford Federal Direct Loan Programs are not subject to limitations in the availability that exist for FSEOG and FWS funds.
Federal and state financial aid recipients may not receive funds in excess of their financial need or budget/cost of attendance. This may occur when a student receives aid such as scholarships or grants from other sources or agencies. When an over award occurs, the student’s award will be adjusted accordingly.
Current Definition of Independent Student
Currently an undergraduate student is considered independent for Title IV purposes if student:
- Is at least 24 years of age on or before December 31st of the award year, or
- A graduate or professional student
- Is married, or
- Has children or dependents other than a spouse for whom the student provides more than half support, or
- Is in Legal Guardianship (Must provide a copy of the Court Document)
- Is a veteran of the U.S. Armed Force, or
- NOTE: If the student’s parents are deceased or mentally or physically incapacitated. (If both parents are dead, the student is an orphan and thus is an independent student. If the parents die after the student has applied, the student must update his or her dependency status.
If you claim to be independent and have unusual circumstances that would make you independent, even though none of the above criteria applies to you, you must provide proper documentation requested by the Director of Financial Aid. The decision is based on the Director of Financial Aid’s judgment and is final.
Standards of Satisfactory Academic Progress
Federal regulations require an institution to evaluate the academic progress of students receiving federal financial aid. Effective July 1, 1994, federal regulations required institutions to strengthen their policies. These regulations include a qualitative measure of the student’s progress (GPA), quantitative measure (completion ratio) and time frame.
The regulations mandate that institutions of higher education apply “standards of academic progress” for students receiving financial aid from Title IV federal programs. Schools must apply a reasonable standard of academic progress. This standard assesses academic progress for all transfer credits from other institutions regardless of whether aid is received.
All students applying for and/or receiving Title IV Financial Aid at Rust College must be progressing satisfactorily towards completion of their degree.
Qualitative Measure (GPA)
Freshmen students must have at least a 1.50 Grade Point Average (GPA) at the end of the first year.
76 and above—2.00
Students with an academic standing of suspension do not meet the Qualitative Standards and are therefore ineligible to receive financial aid.
Still have questions?
Rust College Office of Financial Aid
Holly Springs, MS 38635
(662) 252-8000 ext. 4061