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

Healthcare Provider Update: Polaris is associated with UnitedHealthcare as its primary healthcare provider. For Polaris employees, the anticipated spike in healthcare costs in 2026 is concerning. With recent projections indicating that Affordable Care Act (ACA) premiums could surge by as much as 66% in certain states, many employees may face a substantial financial burden due to the expiration of enhanced federal subsidies and ongoing medical cost inflation. This means that individuals reliant on ACA marketplace plans could see their out-of-pocket expenses increase dramatically, complicating budgeting for healthcare needs in the upcoming year. It's crucial for these employees to take proactive measures to navigate the financial landscape they anticipate facing in 2026. Click here to learn more

Most Polaris 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 Polaris 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 Polaris employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the Polaris 401(k) plan?

The Polaris 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth basis.

How can I enroll in the Polaris 401(k) plan?

You can enroll in the Polaris 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance with the enrollment process.

What is the employer match for the Polaris 401(k) plan?

Polaris offers a competitive employer match for the 401(k) plan, typically matching a percentage of your contributions up to a certain limit. Please refer to the benefits guide for specific details.

Can I change my contribution rate to the Polaris 401(k) plan?

Yes, you can change your contribution rate to the Polaris 401(k) plan at any time through the employee benefits portal or by contacting HR.

What investment options are available in the Polaris 401(k) plan?

The Polaris 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help you diversify your portfolio.

When can I start withdrawing from my Polaris 401(k) plan?

You can start withdrawing from your Polaris 401(k) plan without penalty after reaching the age of 59½, but there are also options for hardship withdrawals under certain circumstances.

Does Polaris offer a Roth 401(k) option?

Yes, Polaris offers a Roth 401(k) option, allowing employees to make after-tax contributions that can grow tax-free.

How often can I make changes to my investments in the Polaris 401(k) plan?

You can typically make changes to your investment allocations in the Polaris 401(k) plan on a regular basis, often daily, depending on the plan's rules.

What happens to my Polaris 401(k) if I leave the company?

If you leave Polaris, you can choose to roll over your 401(k) balance to another retirement account, cash it out (which may incur taxes and penalties), or leave it in the Polaris plan if allowed.

Is there a vesting schedule for the employer match in the Polaris 401(k) plan?

Yes, Polaris has a vesting schedule for the employer match, meaning you will need to work for the company for a certain period before you fully own the matched funds.