Most Amerisourcebergen 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 Amerisourcebergen 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 Amerisourcebergen employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does AmerisourceBergen offer to its employees?
AmerisourceBergen offers a 401(k) retirement savings plan to help employees save for their future.
How does AmerisourceBergen match employee contributions to the 401(k) plan?
AmerisourceBergen provides a matching contribution up to a certain percentage of the employee's salary, which varies based on the plan guidelines.
Can employees at AmerisourceBergen choose how to invest their 401(k) contributions?
Yes, employees at AmerisourceBergen can select from a variety of investment options within the 401(k) plan based on their individual risk tolerance and retirement goals.
What is the eligibility requirement for AmerisourceBergen employees to participate in the 401(k) plan?
Employees must meet specific eligibility criteria, such as length of service and age, to participate in AmerisourceBergen's 401(k) plan.
Does AmerisourceBergen allow employees to take loans from their 401(k) accounts?
Yes, AmerisourceBergen allows employees to take loans from their 401(k) accounts under certain conditions as outlined in the plan documents.
Are there any fees associated with AmerisourceBergen’s 401(k) plan?
Yes, there may be administrative fees associated with the management of AmerisourceBergen's 401(k) plan, which are disclosed in the plan documentation.
How can AmerisourceBergen employees access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by the plan administrator designated by AmerisourceBergen.
What happens to an employee's 401(k) balance if they leave AmerisourceBergen?
If an employee leaves AmerisourceBergen, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the AmerisourceBergen plan, subject to the plan's rules.
Does AmerisourceBergen offer any educational resources for employees regarding their 401(k) plan?
Yes, AmerisourceBergen provides educational resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
Can AmerisourceBergen employees change their contribution rate to the 401(k) plan at any time?
Yes, employees at AmerisourceBergen can change their contribution rate to the 401(k) plan during designated enrollment periods or as allowed by the plan.
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