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Most Asbury Automotive Group 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 Asbury Automotive Group 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 Asbury Automotive Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Asbury Automotive Group offer to its employees?
Asbury Automotive Group offers a 401(k) retirement savings plan to its employees.
How can employees of Asbury Automotive Group enroll in the 401(k) plan?
Employees of Asbury Automotive Group can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting their HR representative.
Does Asbury Automotive Group provide matching contributions to the 401(k) plan?
Yes, Asbury Automotive Group provides matching contributions to the 401(k) plan, subject to specific terms and conditions.
What is the maximum contribution limit for the Asbury Automotive Group 401(k) plan?
The maximum contribution limit for the Asbury Automotive Group 401(k) plan is in line with IRS regulations, which may change annually.
Are employees of Asbury Automotive Group eligible to take loans from their 401(k) accounts?
Yes, employees of Asbury Automotive Group may have the option to take loans from their 401(k) accounts, subject to the plan’s rules.
When can employees of Asbury Automotive Group start withdrawing from their 401(k) accounts?
Employees of Asbury Automotive Group can start withdrawing from their 401(k) accounts at age 59½, or earlier under certain circumstances.
What investment options are available in the Asbury Automotive Group 401(k) plan?
The Asbury Automotive Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
Can employees of Asbury Automotive Group change their contribution percentage to the 401(k) plan?
Yes, employees of Asbury Automotive Group can change their contribution percentage at any time, following the guidelines set by the plan.
Does Asbury Automotive Group offer financial education resources for its 401(k) plan participants?
Yes, Asbury Automotive Group provides financial education resources to help employees understand their 401(k) options and investment strategies.
Is there a vesting schedule for the employer match in the Asbury Automotive Group 401(k) plan?
Yes, there is a vesting schedule for the employer match in the Asbury Automotive Group 401(k) plan, which dictates when employees fully own the matched funds.
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