/General/General%201.png?width=1280&height=853&name=General%201.png)
Most Big Lots 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 Big Lots 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
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 Big Lots employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Big Lots?
The 401(k) plan offered by Big Lots is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can employees of Big Lots enroll in the 401(k) plan?
Employees of Big Lots can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by speaking with the HR department.
Does Big Lots match employee contributions to the 401(k) plan?
Yes, Big Lots offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.
What is the maximum contribution limit for Big Lots employees participating in the 401(k) plan?
The maximum contribution limit for Big Lots employees in the 401(k) plan is set by the IRS and may change annually; employees should check the current limits for the specific year.
When can Big Lots employees start contributing to the 401(k) plan?
Big Lots employees can start contributing to the 401(k) plan after they have completed their eligibility requirements, typically within the first few months of employment.
Are there any fees associated with the Big Lots 401(k) plan?
Yes, there may be administrative fees associated with the Big Lots 401(k) plan, which will be disclosed to employees during the enrollment process.
What investment options are available in the Big Lots 401(k) plan?
The Big Lots 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can Big Lots employees take loans against their 401(k) savings?
Yes, Big Lots employees may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What happens to the 401(k) plan if a Big Lots employee leaves the company?
If a Big Lots employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Big Lots plan if permitted.
How often can Big Lots employees change their 401(k) contribution amounts?
Big Lots employees can typically change their 401(k) contribution amounts at any time, subject to the plan’s rules and guidelines.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)