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

Healthcare Provider Update: Compass offers comprehensive medical, dental, and vision insurance, plus HSAs, FSAs, and supplemental coverage like accident and critical illness insurance 3. With ACA premiums rising and enhanced subsidies expiring, Compasss robust benefits help employees maintain coverage without facing steep out-of-pocket costs. Click here to learn more

Most Compass 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 Compass 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 Compass employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the 401(k) plan offered by Compass?

The 401(k) plan at Compass is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can I enroll in the Compass 401(k) plan?

You can enroll in the Compass 401(k) plan by completing the online enrollment form available on the employee portal.

Does Compass match contributions to the 401(k) plan?

Yes, Compass offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the maximum contribution limit for the Compass 401(k) plan?

The maximum contribution limit for the Compass 401(k) plan is in line with IRS guidelines, which are updated annually.

When can I start contributing to the Compass 401(k) plan?

Employees at Compass can start contributing to the 401(k) plan after completing their eligibility period, typically within the first few months of employment.

What investment options are available in the Compass 401(k) plan?

The Compass 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can I take a loan against my Compass 401(k) plan?

Yes, Compass allows employees to take loans against their 401(k) plan, subject to certain terms and conditions.

What happens to my Compass 401(k) if I leave the company?

If you leave Compass, you have several options for your 401(k), including rolling it over to an IRA or a new employer's plan, or cashing it out.

Is there a vesting schedule for the Compass 401(k) plan?

Yes, Compass has a vesting schedule for employer contributions, which determines how much of the company's contributions you own based on your years of service.

How often can I change my contributions to the Compass 401(k) plan?

Employees can change their contribution amounts to the Compass 401(k) plan at any time, subject to payroll processing deadlines.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Compass has announced a significant restructuring plan, including a 10% reduction in workforce and changes to employee benefits. The restructuring aims to streamline operations and improve profitability in a competitive real estate market. These changes are crucial to address due to the current economic uncertainty, which affects investment stability and may impact tax policies.