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Most NCR 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 NCR 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 NCR employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the NCR 401(k) plan?
The NCR 401(k) plan is a retirement savings plan that allows NCR employees to save for retirement through pre-tax contributions, which can grow tax-deferred until withdrawal.
How can I enroll in the NCR 401(k) plan?
You can enroll in the NCR 401(k) plan by visiting the employee benefits portal or contacting the HR department for assistance with the enrollment process.
What types of contributions can I make to the NCR 401(k) plan?
NCR employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.
Does NCR offer a company match for the 401(k) contributions?
Yes, NCR offers a company match on employee contributions to the 401(k) plan, which helps to enhance your retirement savings.
How does the NCR company match work?
The NCR company match typically matches a percentage of your contributions up to a certain limit, which is outlined in the plan documents.
When can I start contributing to the NCR 401(k) plan?
You can start contributing to the NCR 401(k) plan after you have completed the eligibility requirements, which are detailed in the employee handbook.
Can I change my contribution amount to the NCR 401(k) plan?
Yes, NCR allows employees to change their contribution amounts at any time throughout the year, subject to plan rules.
What investment options are available in the NCR 401(k) plan?
The NCR 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for the NCR company match?
Yes, NCR has a vesting schedule for the company match, meaning you must work for NCR for a certain period before you fully own the matched contributions.
How can I access my NCR 401(k) account?
You can access your NCR 401(k) account online through the plan's designated website or mobile app, where you can view your balance and make changes.
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