office_of_financial aid

Please click the following for detailed information on financial aid at Rust College:

DETERMINATION OF FINANCIAL AID

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     $14,080
                           EFC     -      579
             Unmet need     $13,501

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:

Complete the Free Application Federal Student Aid (FAFSA) form at www.fafsa.ed.gov. Federal School Code is 002433.
FAFSA completed online must be signed electronically by student and parent. Apply for a pin number at www.pin.ed.gov 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.

Complete the Admissions and Financial Aid Application.
Be accepted by Rust College.
Complete Student Loan Counseling Session:

Freshman and first time borrowers: www.opennet.salliemae.com
Returning and transfer students: www.studentloantransitionguide.usafunds.org

VERIFICATION PROCESS
The U.S. Department of Educations 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):

Federal Tax Return (1040, 1040A, 1040EZ).
W-2 form(s).
Dependent or Independent Verification Worksheet. To download a copy of the Dependent Verification Worksheet click here. To download a copy of the Independent Verification Worksheet click here.
Student statement of employment written and signed by student. (Ex. I John Doe did not work or file an income tax in (2008).
Low Income Form. Submit supporting documents. To download a copy of the Low Income form click here.
Other documents of untaxed income.

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