Financial Aid

1. The first step in applying for financial aid is completing the Free Application for Federal Student Aid (FAFSA). It’s available through the Financial Aid office, or at the official government website. When filling in the FAFSA form, use Ranken’s ID number: 012500.
2. Register for classes
3. Consult with Financial Aid and Business Offices regarding payment and funding options.
4. Submit any additional paperwork required by Financial Aid and Business Offices. This includes awards, letters, payment plans, sponsorship agreements, etc.
5. Confirm authorization to start class with the Admissions Office prior to the first day of the term.

The 2024-2025 FAFSA is currently available.

You may apply online at www.studentaid.gov

Per the US Department of Education, the FAFSA is open for a soft launch.  The FAFSA will be available for periods of time while the Department of Education monitors site performance.  During the soft launch the Department of Education will be initiating pauses to the site, during which time the form will not be available.

• Contributors (the student, parent, student’s spouse, or parent’s spouse), including those without a Social Security number (SSN), will be able to create a StudentAid.gov account to access and complete the online FAFSA form. Contributors who already have a verified account username and password will use their existing credentials to sign in and access the form.
• Contributors without a valid Social Security Number, please see link for instructions on How to Obtain FSA ID without SSN.
• Applicants may experience a waiting room feature, which will help control website volumes to ensure optimal performance of the form.
• If a student completes their form during the soft launch period, their information will be stored for processing. They do NOT need to return to resubmit their application after the soft launch concludes.
• If a student completes their FAFSA form, but a contributor cannot access the site during a period when the site is unavailable, the contributor can return to complete their portion of the form as soon as the site becomes available again. Any data entered in the form is still in the system and is secure.
• After all sections of the online FAFSA form are completed and submitted, the student will receive a confirmation email noting their submission date, their estimated Student Aid Index (SAI), and estimated Federal Pell Grant eligibility. However, the student will not receive a FAFSA Submission Summary until FSA processes the FAFSA, beginning in late January.
• Students will receive an email when their FAFSA Submission Summary is available to review on StudentAid.gov.
• The 2024-2025 FAFSA is expected to be available by December 31, 2023.
  • The 2024-2025 FAFSA determines your financial aid eligibility for the Fall 2024, Spring 2025, and Summer 2025 terms.
• Eligibility for federal financial aid will be expanded.
• The FAFSA will feature fewer questions, fewer requirements, and retrieve tax information using a direct data exchange (DDX) from the IRS instead of the previous IRS Data Retrieval Tool.
• The FAFSA is introducing the new term, “contributor,” which refers to anyone who is required to provide information on a student’s FAFSA form, including the student, the student’s spouse, a biological or adopted parent, or the parent’s spouse. Being a contributor does not imply responsibility for the student's college costs.
  • Students will need the contributor’s name, date of birth, Social Security Number (SSN), and email address to invite them to complete their required portion of the FAFSA.
  • If a contributor does not have an SSN, they can still be invited to complete their portion of the FAFSA form. To invite a contributor who does not have an SSN, the student or parent will indicate that the contributor does not have an SSN and will instead provide the contributor's address. Contributors will need to provide personal and financial information on their section of the FAFSA.
  • Contributors will be required to provide consent to permit FSA to receive and use federal tax information for the purposes of determining eligibility of federal student aid using the FAFSA form if consent is NOT granted the applicant will not be eligible for Federal Aid.

What can you do now:

• Make sure your FSA ID or Federal Student Aid Account is accessible and valid. If not, get it resolved.
• If you or one of your contributors do not have an FSA ID, please create one ASAP.
• Keep up with updates via studentaid.gov

As a Ranken student, you could have the option to participate in any of the following federal government programs:

• Federal Pell Grant. For additional information, please visit: https://studentaid.ed.gov/sa/types/grants-scholarships/pell
• Federal Supplemental Education Opportunity Grant
• Federal College Work Study programs
• Federal Direct Loan Programs. For additional information, please visit: https://studentaid.ed.gov/sa/types/loans

To participate in any of these programs as part of your school financial aid package, you must first fill out the FAFSA available online or through Ranken’s Financial Aid office.

The preferred application date for financial aid is before April 15 for the fall semester and before Oct. 15 for the spring semester.

Contact the Financial Aid office at (314) 286-4878 or [email protected] for more information.

Missouri residents may qualify for financial assistance from the state of Missouri.  The state of Missouri uses the results of the Free Application for Federal Student Aid (FAFSA) to determine eligibility for state aid.  The preferred FAFSA completion deadline to be considered for state aid is February 1; however, the state may consider applications filed through April 1.  For additional information regarding state grant/scholarship programs, please visit the Missouri Department of Higher Education web site at:

https://dhe.mo.gov/ppc/grants/

Approximately 75 percent of Ranken students work at part-time jobs while maintaining satisfactory grades.

Ranken offers a part-time employment service for students who need supplementary income. In addition, we provide students with scholarships recognizing scholastic achievement, attendance, work ethic, grades and financial need.

Ranken also grants some first-semester loans. To be eligible for a loan from Ranken, students must first apply for financial aid by completing the FAFSA, either online or through the Financial Aid office.

The Financial Aid Office at Ranken Technical College, in accordance with federal regulations, is committed to the highest standards of professional conduct. We are members of the National Association of Student Financial Aid Administrators (NASFAA) and follow its code of conduct. (http://www.nasfaa.org/mkt/about/Code_of_Conduct.aspx)

1. No action will be taken by a financial aid staff that is for their personal benefit or could be perceived to be a conflict of interest.

• Employees within the financial aid office will not award aid to themselves or their immediate family members. Staff will reserve this task to an institutionally designated person, to avoid the appearance of a conflict of interest.
• RTC will not compile a preferred lender list for private loans.
• A borrower’s choice of a lender will not be denied, impeded, or unnecessarily delayed by the institution.
• No amount of cash, gift, or benefit in excess of a de minimis amount shall be accepted by a financial staff member from any financial aid applicant (or his/her family), or from any entity doing business with or seeking to do business with the institution (including service on advisory committees or boards beyond reimbursement for reasonable expenses directly associated with such service).

• Information provided by the financial aid office is accurate, unbiased, and does not reflect preference arising from actual or potential personal gain.

• Institutional award notifications and/or other institutionally provided materials shall include the following:
  • A breakdown of individual direct costs designating all potential billable charges.
  • Clear identification of each award, indicating type of aid, i.e. gift aid (grant, scholarship), work or loan.
• All required consumer information is displayed in a prominent location on the institutional web site(s) and in any printed materials, easily identified and found, and labeled as “Consumer Information”.
• Financial aid professionals will disclose to their institution any involvement, interest in, or potential conflict of interest with any entity with which the institution has a business relationship.

Borrowers must repay student loans. Once the student and/or parent PLUS borrower has accepted the loan(s) and the Financial Aid Office has originated the loan(s), the student and/or parent PLUS loan borrower may find their loan information by accessing the Federal Student Aid website. You can access the website here:

https://studentaid.gov/

Remember to include your loan payment as a fixed monthly expense when developing your budget.

In order to help manage student debts and successfully repay loans, students should:
• Open and read any mail you receive regarding your student loans.
• Keep accurate records
• Stay current with payments
• Write your loan account number on all correspondence and all checks
• Utilize a repayment calculator to better determine monthly payments – sample calculator located here:

http://www.finaid.org/calculators/loanpayments.phtml

All federal student loan borrowers are required by federal regulations to complete an Entrance Counseling session before your Direct Student Loan funds can be applied to your student account. Entrance counseling sessions are conducted in person and are facilitated by a staff member from the Financial Aid Office.

In addition, all student loan borrowers are required by federal regulations to complete an Exit Counseling session after they cease to be enrolled at least half-time. The change in enrollment status may be due to graduation, withdrawal or change in class schedule. Exit counseling sessions are conducted in person (when the borrower is available) and are facilitated by a staff member from the Financial Aid Office. If the student is not available for in-person counseling the Financial Aid Office will mail all appropriate loan information to the student.

Student loan gap financing refers to the financial aid that you still may need to acquire to pay for your tuition. After you’ve exhausted your scholarship opportunities, grants, work studies, and federal student loans, you may still need to borrow from a private loan lender to bridge this ‘gap’ in the financing.