/General/General%202.png?width=1280&height=853&name=General%202.png)
Most BJs Wholesale Club 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 BJs Wholesale Club 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 BJs Wholesale Club employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does BJ's Wholesale Club offer to its employees?
BJ's Wholesale Club offers a 401(k) retirement savings plan to its employees.
Is there an employer match for contributions made to the 401(k) plan at BJ's Wholesale Club?
Yes, BJ's Wholesale Club provides an employer match for employee contributions to the 401(k) plan, subject to certain limits.
What is the eligibility requirement for BJ's Wholesale Club employees to participate in the 401(k) plan?
Employees of BJ's Wholesale Club are typically eligible to participate in the 401(k) plan after completing a specified period of service.
Can BJ's Wholesale Club employees choose how their 401(k) contributions are invested?
Yes, BJ's Wholesale Club employees can choose from a variety of investment options for their 401(k) contributions.
What is the maximum contribution limit for the 401(k) plan at BJ's Wholesale Club?
The maximum contribution limit for the 401(k) plan at BJ's Wholesale Club is in line with IRS guidelines, which may change annually.
Does BJ's Wholesale Club offer a Roth 401(k) option?
Yes, BJ's Wholesale Club offers a Roth 401(k) option, allowing employees to make after-tax contributions.
How often can BJ's Wholesale Club employees change their 401(k) contribution amount?
BJ's Wholesale Club employees can typically change their 401(k) contribution amount on a quarterly basis.
What happens to my 401(k) account if I leave BJ's Wholesale Club?
If you leave BJ's Wholesale Club, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it with BJ's Wholesale Club.
Are there loans available against the 401(k) plan at BJ's Wholesale Club?
Yes, BJ's Wholesale Club allows employees to take loans against their 401(k) balance, subject to plan rules.
Can BJ's Wholesale Club employees access their 401(k) funds before retirement?
Yes, BJ's Wholesale Club employees may access their 401(k) funds before retirement under certain circumstances, such as financial hardship.
-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)