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Most Advance Auto Parts employees have already heard of the Free Application for Federal Student Aid, or FAFSA, if they or someone they know has plans to attend a college, career school, or university. Last year, around 70% of families submitted a FAFSA to the Department of Education to secure financial assistance. But what many prospective and current students may overlook are the various federal grants awarded to students in need each year.
Granted value
Most federal grants, unlike loans, function as sources of funding. There are some exceptions, though. For example, if a student is awarded a grant, but withdraws from the program in which they’re enrolled, they may be required to pay back all or a portion of that grant.
Know your grants
The Department of Education offers multiple aid packages as part of the Federal Student Grant Program and all Advance Auto Parts employees should be aware of them. The following four are granted most often, and each has different requirements for eligibility. The information below applies to the 2023-2024 academic year:
- Federal Pell Grants - With a maximum award of $6,895, Pell Grants are reserved for undergraduate students who have exceptional financial need and have not earned a bachelor’s, graduate, or professional degree yet.
- Federal Supplemental Educational Opportunity Grants (FSEO) - FSEO Grants award a maximum of $4,000 to those who demonstrate exceptional need and have not yet earned a bachelor’s or graduate degree. FSEO Grants also give priority to Pell Grant recipients over other applicants.
- Iraq and Afghanistan Service Grants - These grants award a maximum of $6,895, and they’re only for students whose parent or guardian served in a branch of the U.S. Armed Forces and died while serving in Iraq or Afghanistan after the events of 9/11.
- Teacher Education Assistance for College and Higher Education (TEACH) Grants - TEACH Grants award a maximum of $4,000, and they’re reserved for students who are enrolled in teaching preparation programs and agree to teach for a minimum of 4 years at the elementary or secondary school level in a high-need field.
FAFSA Required
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No matter who you are or your financial situation, you may want to consider submitting a FAFSA. After all, the grants listed above do require recipients to have an application on file with the Department of Education. And who knows? The potential financial benefit that you as a Advance Auto Parts employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Advance Auto Parts offer?
Advance Auto Parts offers a 401(k) retirement savings plan to help employees save for their future.
Can employees at Advance Auto Parts contribute to their 401(k) plan?
Yes, employees at Advance Auto Parts can contribute a portion of their salary to the 401(k) plan.
What is the maximum contribution limit for the Advance Auto Parts 401(k) plan?
The maximum contribution limit for the Advance Auto Parts 401(k) plan is determined by the IRS guidelines, which can change annually.
Does Advance Auto Parts offer any company matching contributions to the 401(k) plan?
Yes, Advance Auto Parts offers a company matching contribution to encourage employees to save for retirement.
When can employees at Advance Auto Parts enroll in the 401(k) plan?
Employees at Advance Auto Parts can typically enroll in the 401(k) plan during their initial eligibility period or during open enrollment periods.
What investment options are available in the Advance Auto Parts 401(k) plan?
The Advance Auto Parts 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for company contributions in the Advance Auto Parts 401(k) plan?
Yes, Advance Auto Parts has a vesting schedule that determines when employees fully own the company contributions made to their 401(k) accounts.
Can employees take loans against their 401(k) savings at Advance Auto Parts?
Yes, employees at Advance Auto Parts may have the option to take loans against their 401(k) savings, subject to the plan's terms.
What happens to my 401(k) savings if I leave Advance Auto Parts?
If you leave Advance Auto Parts, you can roll over your 401(k) savings into another retirement account or leave it in the Advance Auto Parts plan, depending on the plan's provisions.
How can I access my 401(k) account information at Advance Auto Parts?
Employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.
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