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

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Most Block 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 Block 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 Block employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the purpose of Block's 401(k) Savings Plan?

The purpose of Block's 401(k) Savings Plan is to provide employees with a tax-advantaged way to save for retirement.

How can employees at Block enroll in the 401(k) Savings Plan?

Employees at Block can enroll in the 401(k) Savings Plan through the company’s HR portal during the enrollment period or after they meet eligibility requirements.

Does Block offer a company match for the 401(k) contributions?

Yes, Block offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What types of contributions can employees make to Block's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Block's 401(k) Savings Plan.

What is the vesting schedule for Block's 401(k) company match?

Block has a specific vesting schedule for the company match, which typically requires employees to work for a certain number of years before they fully own the matched funds.

Can Block employees take loans against their 401(k) Savings Plan?

Yes, Block allows employees to take loans against their 401(k) Savings Plan, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in Block's 401(k) Savings Plan?

Block's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can Block employees change their contribution amounts to the 401(k) Savings Plan?

Block employees can typically change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan’s rules.

Is there an auto-enrollment feature in Block's 401(k) Savings Plan?

Yes, Block may have an auto-enrollment feature that automatically enrolls eligible employees in the 401(k) Savings Plan at a default contribution rate.

What is the minimum age requirement for Block employees to participate in the 401(k) Savings Plan?

The minimum age requirement for Block employees to participate in the 401(k) Savings Plan is usually 21 years old, though this can vary based on specific plan provisions.