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Patterson Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

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Most Patterson 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 Patterson 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 Patterson employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the primary purpose of Patterson's 401(k) Savings Plan?

The primary purpose of Patterson's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.

How does Patterson match employee contributions to the 401(k) plan?

Patterson matches employee contributions to the 401(k) plan up to a certain percentage of their salary, enhancing the overall savings potential for employees.

When can employees at Patterson enroll in the 401(k) Savings Plan?

Employees at Patterson can enroll in the 401(k) Savings Plan during their initial onboarding period or during the annual open enrollment period.

What types of investment options are available in Patterson's 401(k) Savings Plan?

Patterson's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Can employees at Patterson take loans against their 401(k) Savings Plan?

Yes, employees at Patterson may have the option to take loans against their 401(k) Savings Plan, subject to specific terms and conditions.

How can employees at Patterson access their 401(k) account information?

Employees at Patterson can access their 401(k) account information online through the plan's dedicated portal or by contacting the plan administrator.

What happens to the 401(k) Savings Plan if an employee leaves Patterson?

If an employee leaves Patterson, they have several options regarding their 401(k) Savings Plan, including rolling it over to another retirement account or leaving it in the plan.

Does Patterson offer a Roth 401(k) option within its Savings Plan?

Yes, Patterson offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

Are there any fees associated with Patterson's 401(k) Savings Plan?

Yes, Patterson's 401(k) Savings Plan may have certain administrative fees, which are disclosed in the plan documents provided to employees.

How often can employees at Patterson change their contribution amounts to the 401(k) plan?

Employees at Patterson can change their contribution amounts to the 401(k) plan during the annual open enrollment period or at any time as permitted by the plan.