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Most Brookdale Senior Living 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 Brookdale Senior Living 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 Brookdale Senior Living employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Brookdale Senior Living offer to its employees?
Brookdale Senior Living offers a 401(k) retirement savings plan to its employees.
Is participation in the 401(k) plan at Brookdale Senior Living mandatory?
Participation in the 401(k) plan at Brookdale Senior Living is voluntary; employees can choose to enroll.
What is the employer match for the 401(k) plan at Brookdale Senior Living?
Brookdale Senior Living offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions.
When can employees at Brookdale Senior Living enroll in the 401(k) plan?
Employees at Brookdale Senior Living can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.
How can employees at Brookdale Senior Living make contributions to their 401(k) plan?
Employees at Brookdale Senior Living can make contributions to their 401(k) plan through payroll deductions.
What are the contribution limits for the 401(k) plan at Brookdale Senior Living?
The contribution limits for the 401(k) plan at Brookdale Senior Living are set according to IRS guidelines, which may change annually.
Does Brookdale Senior Living offer any investment options within the 401(k) plan?
Yes, Brookdale Senior Living offers a variety of investment options within the 401(k) plan, including mutual funds and other investment vehicles.
Can employees at Brookdale Senior Living take loans against their 401(k) savings?
Yes, employees at Brookdale Senior Living may have the option to take loans against their 401(k) savings, subject to specific plan rules.
How can employees at Brookdale Senior Living access their 401(k) account information?
Employees at Brookdale Senior Living can access their 401(k) account information online through the plan’s designated website or by contacting the plan administrator.
What happens to the 401(k) plan if an employee leaves Brookdale Senior Living?
If an employee leaves Brookdale Senior Living, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out.
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