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Most Alpha Metallurgical Resources 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 Alpha Metallurgical Resources 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 Alpha Metallurgical Resources employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Alpha Metallurgical Resources?
The 401(k) plan at Alpha Metallurgical Resources is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.
How can employees of Alpha Metallurgical Resources enroll in the 401(k) plan?
Employees of Alpha Metallurgical Resources can enroll in the 401(k) plan by completing the enrollment form available through the HR department or the employee portal.
What is the employer match for the 401(k) plan at Alpha Metallurgical Resources?
Alpha Metallurgical Resources offers a competitive employer match for the 401(k) plan, matching a percentage of employee contributions up to a certain limit, as specified in the plan documents.
When can employees of Alpha Metallurgical Resources start contributing to their 401(k) plan?
Employees of Alpha Metallurgical Resources can start contributing to their 401(k) plan as soon as they are eligible, which is typically after completing a specified period of service.
Are there any fees associated with the 401(k) plan at Alpha Metallurgical Resources?
Yes, there may be administrative fees associated with the 401(k) plan at Alpha Metallurgical Resources, which are outlined in the plan’s summary and can vary based on investment options.
What investment options are available in the Alpha Metallurgical Resources 401(k) plan?
The 401(k) plan at Alpha Metallurgical Resources offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Can employees of Alpha Metallurgical Resources take loans against their 401(k) savings?
Yes, employees of Alpha Metallurgical Resources may have the option to take loans against their 401(k) savings, subject to the terms and conditions set forth in the plan.
What happens to the 401(k) plan if an employee leaves Alpha Metallurgical Resources?
If an employee leaves Alpha Metallurgical Resources, they have several options for their 401(k) savings, including rolling over the balance to a new employer’s plan or an IRA.
How often can employees change their contribution amounts to the 401(k) plan at Alpha Metallurgical Resources?
Employees of Alpha Metallurgical Resources can typically change their contribution amounts to the 401(k) plan at any time, subject to the plan’s guidelines.
Does Alpha Metallurgical Resources offer any educational resources for employees regarding the 401(k) plan?
Yes, Alpha Metallurgical Resources provides educational resources and workshops to help employees understand their 401(k) plan options and make informed investment decisions.
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