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Most Kaiser Aluminum 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 Kaiser Aluminum 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 Kaiser Aluminum employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Kaiser Aluminum offer to its employees?
Kaiser Aluminum offers a 401(k) retirement savings plan to its employees.
Does Kaiser Aluminum provide matching contributions to the 401(k) plan?
Yes, Kaiser Aluminum provides matching contributions to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement to participate in Kaiser Aluminum's 401(k) plan?
Employees at Kaiser Aluminum are typically eligible to participate in the 401(k) plan after completing a specified period of service, often within the first year of employment.
Can employees at Kaiser Aluminum choose how much to contribute to their 401(k) plan?
Yes, employees at Kaiser Aluminum can choose to contribute a percentage of their salary to the 401(k) plan, within IRS limits.
What investment options are available in Kaiser Aluminum's 401(k) plan?
Kaiser Aluminum's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
Is there a vesting schedule for the employer match in Kaiser Aluminum's 401(k) plan?
Yes, Kaiser Aluminum has a vesting schedule for employer matching contributions, which means employees must work for a certain period to fully own the matched funds.
How can employees at Kaiser Aluminum access their 401(k) account information?
Employees at Kaiser Aluminum can access their 401(k) account information online through the plan's designated website or by contacting the plan administrator.
What happens to the 401(k) plan if an employee leaves Kaiser Aluminum?
If an employee leaves Kaiser Aluminum, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Kaiser Aluminum plan, subject to certain conditions.
Are there loans available against the 401(k) plan at Kaiser Aluminum?
Yes, Kaiser Aluminum allows participants to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
Can employees at Kaiser Aluminum change their contribution levels at any time?
Yes, employees at Kaiser Aluminum can change their contribution levels at designated times throughout the year, as specified in the plan guidelines.
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