Types of financial aid awarded to needy and/or deserving students at Rust College

Grants

Federal Pell Grant

The Federal Pell Grant is a federal entitlement program that provides funds to students pursuing a first undergraduate degree. To apply, the student must complete the Free Application for Federal Student Aid. The Federal Pell Grant award currently ranges from $349.00 to $6,345.00and is based on financial need.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant is a federal program for undergraduate students who demonstrate exceptional financial need. FSEOG awards are made to students with the greatest need; the funds are only awarded to FPELL eligible students. The grant ranges from $100 to $4,000 per academic year, depending on need and availability of funds.

Federal Work-Study Program (FWSP)

The College Work-study Program is a federal program that provides part-time employment to FPELL eligible students who are enrolled at Rust College. Students are employed on campus by a variety of departments, with the typical student working approximately 10-15 hours per week. They are paid minimum wage. Also, the program encourages community service work and work related to a student’s course of study.

William D. Ford Federal Direct Loan Program (Federal)

Loans made through this program are referred to as Direct Loans. Eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Loans include subsidized and unsubsidized Direct Stafford Loans (also known as Direct Subsidized Loans and Direct Unsubsidized Loans), Direct PLUS Loans, and Direct Consolidation Loans. You repay these loans directly to us. Students who demonstrate financial need may borrow up to $3,500 for the first year of enrollment, $4,500 for the sophomore year and $5,500 per academic year for the remaining undergraduate years. Repayment begins six months after the student graduates, withdraws, or drops below half-time.

Federal Direct Parental Loans for Undergraduate Students (FDPLU)

The PLUS Program is a non-need based loan that is available to parents who may borrow to help pay for their children’s education. Federal Direct Plus Loans enable parents with good credit histories to borrow money for each child who is enrolled in at least half-time (6 hours) and is a dependent student. The annual loan limit is the student’s cost of education minus any estimated financial aid received.