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Most Mattress Firm Group 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 Mattress Firm Group 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 Mattress Firm Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Mattress Firm Group offer to its employees?
Mattress Firm Group offers a 401(k) retirement savings plan to help employees save for their future.
How can employees of Mattress Firm Group enroll in the 401(k) plan?
Employees of Mattress Firm Group can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Mattress Firm Group match employee contributions to the 401(k) plan?
Yes, Mattress Firm Group provides a matching contribution to employee 401(k) accounts, subject to certain limits and eligibility requirements.
What is the maximum contribution limit for the Mattress Firm Group 401(k) plan?
The maximum contribution limit for the Mattress Firm Group 401(k) plan is in accordance with IRS guidelines, which may change annually. Employees should check the current limit for the year.
Are there any vesting requirements for the 401(k) matching contributions at Mattress Firm Group?
Yes, Mattress Firm Group has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own those contributions.
Can employees of Mattress Firm Group take loans against their 401(k) savings?
Yes, Mattress Firm Group allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What investment options are available in the Mattress Firm Group 401(k) plan?
The Mattress Firm Group 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees of Mattress Firm Group change their 401(k) contribution amounts?
Employees of Mattress Firm Group can change their 401(k) contribution amounts at any time, subject to the plan’s guidelines.
Is there a penalty for withdrawing funds from the Mattress Firm Group 401(k) plan before retirement?
Yes, there may be penalties and taxes for withdrawing funds from the Mattress Firm Group 401(k) plan before reaching the age of 59½.
What happens to my 401(k) savings if I leave Mattress Firm Group?
If you leave Mattress Firm Group, you can choose to roll over your 401(k) savings into another retirement account, leave it in the Mattress Firm Group plan (if eligible), or cash it out (though this may incur taxes and penalties).
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