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

Most ArcBest 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 ArcBest 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 ArcBest employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the ArcBest 401(k) plan?

The ArcBest 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck on a tax-deferred basis to help secure their financial future.

How can employees enroll in the ArcBest 401(k) plan?

Employees can enroll in the ArcBest 401(k) plan through the company’s benefits portal during open enrollment or within 30 days of their hire date.

Does ArcBest match employee contributions to the 401(k) plan?

Yes, ArcBest offers a company match for employee contributions to the 401(k) plan, which helps employees grow their retirement savings.

What is the maximum contribution limit for the ArcBest 401(k) plan?

The maximum contribution limit for the ArcBest 401(k) plan follows the IRS guidelines, which may change annually. Employees should check the latest IRS limits for the current year.

When can employees start contributing to the ArcBest 401(k) plan?

Employees at ArcBest can start contributing to the 401(k) plan after they have completed their eligibility period, typically within their first month of employment.

What investment options are available in the ArcBest 401(k) plan?

The ArcBest 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can employees take loans against their ArcBest 401(k) plan?

Yes, employees may have the option to take loans against their ArcBest 401(k) plan, subject to specific terms and conditions outlined in the plan document.

What happens to my ArcBest 401(k) if I leave the company?

If you leave ArcBest, you can choose to roll over your 401(k) balance to another retirement account, leave it in the ArcBest plan (if eligible), or cash it out, though cashing out may incur taxes and penalties.

How does ArcBest ensure the security of my 401(k) savings?

ArcBest takes the security of your 401(k) savings seriously by partnering with reputable financial institutions and implementing strong data protection measures.

Are there any fees associated with the ArcBest 401(k) plan?

Yes, there may be administrative fees associated with the ArcBest 401(k) plan, which are disclosed in the plan documents provided to employees.

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

ArcBest announced a strategic restructuring plan aimed at streamlining operations and improving efficiency. This plan includes workforce reductions across various departments. The company also plans to make adjustments to its employee benefits package to align with the new operational model.