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Healthcare Provider Update: Provides medical coverage through its own CF Industries Medical Plan, with financial protection for hospital, surgical, and other medical expenses 4. With ACA premiums projected to rise by 1518%, CFs internal plan offers consistent coverage and cost control, especially for employees managing chronic conditions or planning retirement. Click here to learn more
Most CF Industries Holdings 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 CF Industries Holdings 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 CF Industries Holdings employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does CF Industries Holdings offer to its employees?
CF Industries Holdings offers a 401(k) retirement savings plan to help employees save for their future.
Does CF Industries Holdings provide any matching contributions to the 401(k) plan?
Yes, CF Industries Holdings provides matching contributions to the 401(k) plan, helping employees maximize their retirement savings.
What are the eligibility requirements for the 401(k) plan at CF Industries Holdings?
Employees of CF Industries Holdings are typically eligible to participate in the 401(k) plan after completing a specified period of service, usually within the first year of employment.
How can employees of CF Industries Holdings enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan at CF Industries Holdings through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the CF Industries Holdings 401(k) plan?
The CF Industries Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees of CF Industries Holdings take loans against their 401(k) savings?
Yes, CF Industries Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What is the vesting schedule for employer contributions in the CF Industries Holdings 401(k) plan?
The vesting schedule for employer contributions in the CF Industries Holdings 401(k) plan typically follows a graded vesting schedule, which employees can review in the plan documents.
How often can employees of CF Industries Holdings change their 401(k) contribution amounts?
Employees can change their 401(k) contribution amounts at CF Industries Holdings on a quarterly basis or as specified in the plan guidelines.
Does CF Industries Holdings offer financial education resources for employees regarding their 401(k) plan?
Yes, CF Industries Holdings provides financial education resources and workshops to help employees understand and manage their 401(k) savings effectively.
What happens to an employee's 401(k) plan if they leave CF Industries Holdings?
If an employee leaves CF Industries Holdings, they can roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.
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