Most Globe Life 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 Globe Life 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 Globe Life employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Globe Life offer to its employees?
Globe Life offers a 401(k) retirement savings plan to its employees.
How can employees of Globe Life enroll in the 401(k) plan?
Employees of Globe Life can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Globe Life match employee contributions to the 401(k) plan?
Yes, Globe Life provides a matching contribution to employee contributions up to a certain percentage, as outlined in the plan details.
What is the maximum contribution limit for employees participating in Globe Life's 401(k) plan?
The maximum contribution limit for Globe Life's 401(k) plan follows the IRS guidelines, which may change annually. Employees should check the current limits for the specific year.
Can employees of Globe Life take loans against their 401(k) savings?
Yes, Globe Life allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.
Is there a vesting schedule for employer contributions in Globe Life's 401(k) plan?
Yes, Globe Life has a vesting schedule for employer contributions, which means employees must work for a certain period before they fully own the employer's contributions.
What investment options are available in Globe Life's 401(k) plan?
Globe Life's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amounts in Globe Life's 401(k) plan?
Employees of Globe Life can change their contribution amounts typically on a quarterly basis or as specified by the plan rules.
Are there any fees associated with Globe Life's 401(k) plan?
Yes, there may be fees associated with Globe Life's 401(k) plan, including administrative fees and investment management fees. Employees should review the plan documents for details.
What happens to an employee's 401(k) account if they leave Globe Life?
If an employee leaves Globe Life, they can choose to roll over their 401(k) balance to another qualified plan, withdraw the funds, or leave the balance in the Globe Life plan if permitted.