Healthcare Provider Update: Offers medical plans through Aetna, including HSA and POS options with tiered deductibles and out-of-pocket maximums 6. With ACA premiums increasing, Newmarks plan flexibility and employer HSA contributions help employees manage rising healthcare expenses effectively. Click here to learn more
Most Newmark 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 Newmark 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 Newmark Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Newmark Group?
The 401(k) plan offered by Newmark Group is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in Newmark Group's 401(k) plan?
You can enroll in Newmark Group's 401(k) plan by completing the enrollment form provided during your onboarding process or by accessing the employee benefits portal.
What is the employer match for Newmark Group's 401(k) plan?
Newmark Group offers a competitive employer match for contributions made to the 401(k) plan, which is typically a percentage of your contributions up to a certain limit.
Can I change my contribution percentage to Newmark Group's 401(k) plan?
Yes, you can change your contribution percentage to Newmark Group's 401(k) plan at any time by accessing your account through the employee benefits portal.
What investment options are available in Newmark Group's 401(k) plan?
Newmark Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to meet different risk tolerances.
When can I start withdrawing from my Newmark Group 401(k) plan?
You can start withdrawing from your Newmark Group 401(k) plan without penalty at age 59½, but there are specific rules regarding hardship withdrawals and loans.
Does Newmark Group's 401(k) plan offer loans?
Yes, Newmark Group's 401(k) plan allows participants to take loans against their account balance, subject to certain terms and conditions.
Are there any fees associated with Newmark Group's 401(k) plan?
Yes, there may be administrative fees and investment fees associated with Newmark Group's 401(k) plan, which are disclosed in the plan documents.
How often can I review my Newmark Group 401(k) account?
You can review your Newmark Group 401(k) account at any time by logging into the employee benefits portal, where you can view your balance and investment performance.
What happens to my Newmark Group 401(k) if I leave the company?
If you leave Newmark Group, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, or cashing it out (though this may incur taxes and penalties).
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