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Healthcare Provider Update: Offers medical, dental, and vision insurance, along with FSAs, supplemental life insurance, and an Employee Assistance Program1. As ACA premiums rise and subsidies expire, Kirbys employer-sponsored plans offer a more stable and cost-effective alternative to marketplace coverage, especially for families. Click here to learn more
Most Kirby 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 Kirby 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 Kirby employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of Kirby's 401(k) Savings Plan?
The purpose of Kirby's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary into a tax-advantaged account.
How can I enroll in Kirby's 401(k) Savings Plan?
You can enroll in Kirby's 401(k) Savings Plan by completing the enrollment form provided by the HR department or through the employee portal.
What types of contributions can I make to Kirby's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Kirby's 401(k) Savings Plan.
Does Kirby offer any matching contributions to the 401(k) Savings Plan?
Yes, Kirby offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for Kirby's 401(k) matching contributions?
The vesting schedule for Kirby's 401(k) matching contributions typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.
Can I change my contribution amount to Kirby's 401(k) Savings Plan?
Yes, employees can change their contribution amount to Kirby's 401(k) Savings Plan at any time by submitting a request through the employee portal.
What investment options are available in Kirby's 401(k) Savings Plan?
Kirby's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can I make changes to my investments in Kirby's 401(k) Savings Plan?
Employees can typically make changes to their investment allocations in Kirby's 401(k) Savings Plan on a quarterly basis or as specified in the plan documents.
What happens to my 401(k) account if I leave Kirby?
If you leave Kirby, you have several options for your 401(k) account, including rolling it over to an IRA or another employer’s plan, cashing it out, or leaving it in the current plan if permitted.
Is there a loan option available in Kirby's 401(k) Savings Plan?
Yes, Kirby's 401(k) Savings Plan may offer a loan option, allowing employees to borrow against their account balance under certain conditions.
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