Most Keurig Dr Pepper 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 Keurig Dr Pepper 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 Keurig Dr Pepper employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Keurig Dr Pepper?
The 401(k) plan at Keurig Dr Pepper 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 Keurig Dr Pepper?
Employees can enroll in the 401(k) plan at Keurig Dr Pepper by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
Does Keurig Dr Pepper offer a match on 401(k) contributions?
Yes, Keurig Dr Pepper offers a company match on employee contributions to the 401(k) plan, which helps enhance your retirement savings.
What is the vesting schedule for the 401(k) match at Keurig Dr Pepper?
The vesting schedule for the 401(k) match at Keurig Dr Pepper typically requires employees to work for a certain number of years before they fully own the matched contributions.
Can I change my contribution percentage to the 401(k) plan at Keurig Dr Pepper?
Yes, employees can change their contribution percentage to the 401(k) plan at Keurig Dr Pepper at any time, usually through the benefits portal.
What investment options are available in the Keurig Dr Pepper 401(k) plan?
The Keurig Dr Pepper 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a loan option available through the Keurig Dr Pepper 401(k) plan?
Yes, employees may have the option to take a loan against their 401(k) balance at Keurig Dr Pepper, subject to the plan's rules and regulations.
What happens to my 401(k) when I leave Keurig Dr Pepper?
When you leave Keurig Dr Pepper, you can choose to roll over your 401(k) balance to another retirement account, cash it out (subject to taxes and penalties), or leave it in the Keurig Dr Pepper plan if allowed.
How often can I access my 401(k) statements from Keurig Dr Pepper?
Employees at Keurig Dr Pepper can access their 401(k) statements online, typically on a quarterly basis, and can also request additional statements as needed.
Does Keurig Dr Pepper provide financial education regarding the 401(k) plan?
Yes, Keurig Dr Pepper provides resources and educational sessions to help employees understand their 401(k) options and make informed investment choices.
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