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Most Macy's 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 Macy's 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 Macy's employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the Macy's 401(k) plan?
The Macy's 401(k) plan is a retirement savings plan that allows eligible employees to save for their future by contributing a portion of their paycheck on a pre-tax or after-tax basis.
How does Macy's match contributions to the 401(k) plan?
Macy's offers a matching contribution to the 401(k) plan, which means that for every dollar you contribute, Macy's will match a certain percentage, up to a specified limit.
Who is eligible to participate in Macy's 401(k) plan?
Generally, all full-time and part-time employees of Macy's who meet specific age and service requirements are eligible to participate in the 401(k) plan.
Can I change my contribution amount to the Macy's 401(k) plan?
Yes, employees can change their contribution amounts to the Macy's 401(k) plan at any time, subject to plan rules.
What investment options are available in the Macy's 401(k) plan?
The Macy'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 retirement savings.
How do I enroll in the Macy's 401(k) plan?
Employees can enroll in the Macy's 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
Is there a vesting schedule for Macy's matching contributions?
Yes, Macy's has a vesting schedule for matching contributions, which means that employees must work for a certain period before they fully own the matched funds.
Can I take a loan from my Macy's 401(k) plan?
Yes, employees may have the option to take a loan from their Macy's 401(k) plan, subject to specific terms and conditions outlined in the plan.
What happens to my Macy's 401(k) if I leave the company?
If you leave Macy's, you can choose to roll over your 401(k) balance into another retirement account, cash it out (subject to taxes and penalties), or leave it in the Macy's plan if allowed.
How can I check my Macy's 401(k) balance?
Employees can check their Macy's 401(k) balance by logging into the benefits portal or by contacting the plan administrator.
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