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Most Meritor 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 Meritor 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 Meritor employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of Meritor's 401(k) Savings Plan?
The primary purpose of Meritor's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.
How can employees enroll in Meritor's 401(k) Savings Plan?
Employees can enroll in Meritor's 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.
What types of contributions can employees make to Meritor's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are age 50 or older.
Does Meritor offer any matching contributions to the 401(k) Savings Plan?
Yes, Meritor 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 matching contributions at Meritor?
The vesting schedule for matching contributions at Meritor typically follows a graded schedule, where employees become vested in their employer match over a period of time.
Can employees change their contribution amounts to Meritor's 401(k) Savings Plan?
Yes, employees can change their contribution amounts to Meritor's 401(k) Savings Plan at any time, subject to the plan’s guidelines.
What investment options are available in Meritor's 401(k) Savings Plan?
Meritor's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How often can employees reallocate their investments in Meritor's 401(k) Savings Plan?
Employees can typically reallocate their investments in Meritor's 401(k) Savings Plan on a quarterly basis or as specified in the plan documents.
Is there a loan provision in Meritor's 401(k) Savings Plan?
Yes, Meritor's 401(k) Savings Plan may allow employees to take loans against their account balance, subject to certain conditions and limits.
At what age can employees begin withdrawing from Meritor's 401(k) Savings Plan without penalties?
Employees can begin withdrawing from Meritor's 401(k) Savings Plan without penalties at age 59½, provided they meet the plan's requirements.
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