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Most American Eagle Outfitters 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 American Eagle Outfitters 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 American Eagle Outfitters employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does American Eagle Outfitters offer to its employees?
American Eagle Outfitters offers a 401(k) retirement savings plan to help employees save for their future.
Is participation in the 401(k) plan at American Eagle Outfitters mandatory?
Participation in the 401(k) plan at American Eagle Outfitters is voluntary; employees can choose to enroll or opt out.
What are the eligibility requirements for the 401(k) plan at American Eagle Outfitters?
Employees of American Eagle Outfitters are typically eligible to participate in the 401(k) plan after completing a certain period of service, which is outlined in the employee handbook.
Does American Eagle Outfitters match employee contributions to the 401(k) plan?
Yes, American Eagle Outfitters offers a matching contribution to the 401(k) plan, subject to specific terms and conditions.
How can employees of American Eagle Outfitters enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan at American Eagle Outfitters by completing the necessary enrollment forms through the company’s HR portal.
What investment options are available in the American Eagle Outfitters 401(k) plan?
The American Eagle Outfitters 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles.
Can employees of American Eagle Outfitters change their contribution percentage to the 401(k) plan?
Yes, employees can change their contribution percentage to the 401(k) plan at any time, subject to the plan's guidelines.
What is the vesting schedule for the 401(k) match at American Eagle Outfitters?
The vesting schedule for the 401(k) match at American Eagle Outfitters typically follows a graded vesting schedule, which is detailed in the employee benefits documentation.
Are there any fees associated with the 401(k) plan at American Eagle Outfitters?
Yes, there may be administrative fees associated with the 401(k) plan at American Eagle Outfitters, which are disclosed in the plan documents.
Can employees take loans against their 401(k) balance at American Eagle Outfitters?
Yes, American Eagle Outfitters allows employees to take loans against their 401(k) balance, subject to specific terms and conditions.
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