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Most KBR 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 KBR 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 KBR employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is KBR's 401(k) plan?
KBR's 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How does KBR match employee contributions to the 401(k) plan?
KBR offers a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.
When can employees at KBR start contributing to the 401(k) plan?
Employees at KBR can start contributing to the 401(k) plan after completing their initial eligibility period, which is usually outlined in the employee handbook.
What types of investment options are available in KBR's 401(k) plan?
KBR's 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.
Can employees at KBR take loans against their 401(k) savings?
Yes, KBR allows employees to take loans against their 401(k) savings, subject to certain conditions and limits set by the plan.
What happens to my KBR 401(k) if I leave the company?
If you leave KBR, you can choose to roll over your 401(k) balance to another retirement account, cash out your balance, or leave it in the KBR plan if allowed.
Is there a vesting schedule for KBR's 401(k) matching contributions?
Yes, KBR has a vesting schedule for matching contributions, meaning employees must work for a certain period to fully own the matched funds.
How can KBR employees change their contribution percentage to the 401(k) plan?
KBR employees can change their contribution percentage by accessing their account online or by contacting the HR department for assistance.
Does KBR provide educational resources for employees regarding their 401(k) plan?
Yes, KBR provides educational resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
Are there any fees associated with KBR's 401(k) plan?
Yes, KBR's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
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