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Most GP Strategies Corporation 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 GP Strategies Corporation 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 GP Strategies Corporation employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by GP Strategies Corporation?
The 401(k) plan at GP Strategies Corporation is a retirement savings plan that allows employees to contribute a portion of their salary on a pre-tax basis, helping them save for retirement.
How can I enroll in the GP Strategies Corporation 401(k) plan?
Employees can enroll in the GP Strategies Corporation 401(k) plan by completing the enrollment process through the company’s benefits portal during the designated enrollment period.
What types of contributions can I make to my GP Strategies Corporation 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions in the GP Strategies Corporation 401(k) plan.
Does GP Strategies Corporation offer matching contributions to the 401(k) plan?
Yes, GP Strategies Corporation provides a matching contribution to eligible employees participating in the 401(k) plan, enhancing their retirement savings.
What is the vesting schedule for GP Strategies Corporation's 401(k) matching contributions?
The vesting schedule for GP Strategies Corporation's matching contributions typically follows a graded vesting schedule, which means employees gain ownership of the contributions over a period of time.
Can I take loans from my GP Strategies Corporation 401(k) plan?
Yes, GP Strategies Corporation allows employees to take loans from their 401(k) plan, subject to certain terms and conditions outlined in the plan documents.
What investment options are available in the GP Strategies Corporation 401(k) plan?
The GP Strategies Corporation 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How often can I change my investment choices in the GP Strategies Corporation 401(k) plan?
Employees can change their investment choices in the GP Strategies Corporation 401(k) plan at any time, allowing for adjustments based on personal financial goals.
What happens to my GP Strategies Corporation 401(k) plan if I leave the company?
If you leave GP Strategies Corporation, you have several options for your 401(k) plan, including rolling it over to another qualified plan, cashing it out, or leaving it with GP Strategies Corporation for future growth.
Is there a minimum contribution requirement for the GP Strategies Corporation 401(k) plan?
Yes, GP Strategies Corporation may have a minimum contribution requirement for employees participating in the 401(k) plan, which can vary based on the plan specifics.
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