Healthcare Provider Update: KKR offers medical, dental, vision, mental health, and fertility benefits, along with wellness reimbursements and caregiver support 5. As ACA premiums surge, KKRs comprehensive benefits may help employees avoid the volatility and cost burden of marketplace plans. Click here to learn more
Most KKR 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 KKR 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 KKR employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does KKR offer to its employees?
KKR offers a 401(k) retirement savings plan to its employees.
How can KKR employees enroll in the 401(k) plan?
KKR employees can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal.
Does KKR match employee contributions to the 401(k) plan?
Yes, KKR provides a matching contribution to employees' 401(k) plans, subject to certain limits.
What is the maximum contribution limit for KKR employees in the 401(k) plan?
The maximum contribution limit for KKR employees in the 401(k) plan is determined by the IRS and may change annually.
Can KKR employees change their contribution percentage at any time?
Yes, KKR employees can change their contribution percentage at any time, subject to the plan’s guidelines.
What investment options are available in KKR's 401(k) plan?
KKR’s 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Is there a vesting schedule for KKR's 401(k) matching contributions?
Yes, KKR has a vesting schedule for its matching contributions, which determines when employees fully own those funds.
Can KKR employees take loans against their 401(k) savings?
Yes, KKR employees may have the option to take loans against their 401(k) savings, depending on the plan’s rules.
What happens to KKR employees' 401(k) accounts if they leave the company?
If KKR employees leave the company, they can roll over their 401(k) accounts to another retirement account or leave them with KKR, subject to plan provisions.
Does KKR provide financial education resources for employees regarding their 401(k) plans?
Yes, KKR offers financial education resources to help employees understand and manage their 401(k) plans effectively.
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