Types of financial aid awarded to needy and/or deserving students at Rust College
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 $555 to $5,550 and 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.
Loans From the College
Memorial Revolving Fund
The L.M. McCoy Memorial Revolving Fund was designed in memory or Dr. L.M. McCoy who served as President of Rust College for 33 years. This fund is designed to help students who need short-term loans to assist them during critical periods in their college program. Contributors to this fund are:
- F.A. Koener, Charleston, Illinois
- Mr. and Mrs. Gerrol Swinston, Mount Ayr, Iowa
- Mrs. L.T. Miller, Yazoo City, Mississippi
Memorial Emergency Loan Fund
The Memorial Emergency Loan Fund has been established by donors who desire to have their loved ones memorialized through a worthy contribution to students who have need for emergency aid. Upon cause, students may make small short-term loans from these funds without interest. The present fund carries the following names in memory:
- Mrs. Gayle Morter, Santa Barbara, California
- Mrs. Maudlin Brown, Starksville, Mississippi
- Reverend Freedman C. Havinhurst, Springfield, Missouri
- Mrs. Wardean Huffman, Kosciusko, Mississippi
- Mrs. Nettie R. McGhee, Magnolia, Mississippi
- Dr. C. R. Buckwalter of LaJunta, Colorado
- Mrs. May B. Collins of Jackson, Mississippi
- Mrs. Obi L. Graves of Jackson, Mississippi
- Mrs. Freddie Greiner of Rockham, South Dakota
- Mrs. Charles Kempe of Miranda, South Dakota
- Mrs. Elizabeth Lenz of Mason City, Iowa
- James and Lydia McMillan of Winnabow, N.C.
- Mr. Kenneth May of Estherville, Iowa
- Mrs. H.W. Metz of Miranda, South Dakota
- Mr. Manford R. Moore of Oskaloosa, Iowa
- Reverend John William Rossiter of Fairmont, Minnesota
- Mrs. Edna Slater of Miranda, South Dakota
- Mr. Bruce F. Stoll of Appleton, Minnesota
- Mrs. Clarence W. Wollard of Malvern, Iowa
- Mrs. Mary J. Bealle of Huron, South Dakota
- Dr. W.A. Waters of Holly Springs, Mississippi
- Mrs. Katie Price of Laurel, Mississippi