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Most O'Reilly Automotive 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 O'Reilly Automotive 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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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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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 O'Reilly Automotive employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by O'Reilly Automotive?
The O'Reilly Automotive 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
Does O'Reilly Automotive offer a company match for the 401(k) contributions?
Yes, O'Reilly Automotive offers a company match for employee contributions to the 401(k) plan, helping employees to grow their retirement savings.
How can employees at O'Reilly Automotive enroll in the 401(k) plan?
Employees at O'Reilly Automotive can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
What is the eligibility requirement for O'Reilly Automotive's 401(k) plan?
Employees must be at least 21 years old and have completed a specified period of service to be eligible for O'Reilly Automotive's 401(k) plan.
Can employees at O'Reilly Automotive take loans against their 401(k) savings?
Yes, O'Reilly Automotive allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What investment options are available in the O'Reilly Automotive 401(k) plan?
The O'Reilly Automotive 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
How often can employees change their contribution amounts for the O'Reilly Automotive 401(k) plan?
Employees at O'Reilly Automotive can change their contribution amounts at any time, subject to the plan's guidelines.
Is there a vesting schedule for the company match in O'Reilly Automotive's 401(k) plan?
Yes, O'Reilly Automotive has a vesting schedule for the company match, which determines how much of the match employees will retain if they leave the company.
What happens to the 401(k) savings if an employee leaves O'Reilly Automotive?
If an employee leaves O'Reilly Automotive, they can roll over their 401(k) savings into another retirement account, cash out, or leave the funds in the O'Reilly Automotive plan if allowed.
Can employees at O'Reilly Automotive contribute to their 401(k) on a pre-tax and Roth basis?
Yes, O'Reilly Automotive allows employees to choose between pre-tax contributions and Roth contributions for their 401(k) savings.
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