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Albemarle Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

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Most Albemarle 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 Albemarle 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 Albemarle employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the primary purpose of Albemarle's 401(k) Savings Plan?

The primary purpose of Albemarle's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest their earnings.

How can I enroll in Albemarle's 401(k) Savings Plan?

Employees can enroll in Albemarle's 401(k) Savings Plan by completing the online enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Albemarle offer a company match for contributions to the 401(k) Savings Plan?

Yes, Albemarle offers a company match for contributions to the 401(k) Savings Plan, which enhances employees' savings for retirement.

What are the eligibility requirements to participate in Albemarle's 401(k) Savings Plan?

Generally, all full-time employees of Albemarle are eligible to participate in the 401(k) Savings Plan after completing a specified waiting period.

How much can I contribute to Albemarle's 401(k) Savings Plan each year?

Employees can contribute up to the IRS annual limit set for 401(k) plans, which may change each year. Albemarle will provide updates on the current limits.

Can I change my contribution amount to Albemarle's 401(k) Savings Plan at any time?

Yes, employees can change their contribution amounts to Albemarle's 401(k) Savings Plan at any time, typically through the benefits portal.

What investment options are available in Albemarle's 401(k) Savings Plan?

Albemarle's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can I start withdrawing funds from Albemarle's 401(k) Savings Plan?

Employees can typically begin withdrawing funds from Albemarle's 401(k) Savings Plan after reaching age 59½, or under certain circumstances such as financial hardship.

What happens to my 401(k) Savings Plan if I leave Albemarle?

If you leave Albemarle, you will have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, leaving it with Albemarle, or cashing it out (subject to taxes and penalties).

Does Albemarle offer a loan option against my 401(k) Savings Plan?

Yes, Albemarle allows employees to take loans against their 401(k) Savings Plan balance under certain conditions and guidelines.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Albemarle recently announced a restructuring plan aimed at streamlining operations and improving efficiency. This includes a reduction in workforce and changes to benefit programs.

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For more information you can reach the plan administrator for Albemarle at 4250 Congress Street Suite 900 Charlotte, NC 28209; or by calling them at (980) 299-5700.