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Most Cornerstone Building Brands 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 Cornerstone Building Brands 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 Cornerstone Building Brands employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Cornerstone Building Brands?
The 401(k) plan at Cornerstone Building Brands is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the 401(k) plan at Cornerstone Building Brands?
Employees can enroll in the Cornerstone Building Brands 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Cornerstone Building Brands match employee contributions to the 401(k) plan?
Yes, Cornerstone Building Brands offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the maximum contribution limit for the 401(k) plan at Cornerstone Building Brands?
The maximum contribution limit for the Cornerstone Building Brands 401(k) plan is set according to IRS regulations, which may change annually.
Can I change my contribution percentage for the 401(k) plan at Cornerstone Building Brands?
Yes, employees can change their contribution percentage for the Cornerstone Building Brands 401(k) plan at any time through the HR portal.
What investment options are available in the Cornerstone Building Brands 401(k) plan?
The Cornerstone Building Brands 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.
When can I start withdrawing from my 401(k) plan at Cornerstone Building Brands?
Employees can typically start withdrawing from their Cornerstone Building Brands 401(k) plan at age 59½, but there are specific conditions and options available.
Is there a loan option available through the 401(k) plan at Cornerstone Building Brands?
Yes, Cornerstone Building Brands allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What happens to my 401(k) plan if I leave Cornerstone Building Brands?
If you leave Cornerstone Building Brands, you have several options for your 401(k) plan, including rolling it over to an IRA, leaving it with the plan, or cashing it out.
How often can I change my investment allocations in the Cornerstone Building Brands 401(k) plan?
Employees can change their investment allocations in the Cornerstone Building Brands 401(k) plan as often as they like, typically through the HR portal.
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