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Healthcare Provider Update: Provides medical, dental, and vision coverage, FSAs, HSAs with company contributions, and mental health benefits 4. With ACA costs rising, PoolCorps preventive care and wellness incentives help employees manage healthcare expenses proactively. Click here to learn more
Most Pool 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 Pool 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 Pool employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Pool?
The 401(k) plan offered by Pool is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them to build a nest egg for their future.
Does Pool offer a matching contribution for its 401(k) plan?
Yes, Pool offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees at Pool enroll in the 401(k) plan?
Employees at Pool can enroll in the 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.
What are the eligibility requirements to participate in Pool's 401(k) plan?
To participate in Pool's 401(k) plan, employees must be at least 21 years old and have completed one year of service with the company.
Can employees at Pool change their contribution percentage for the 401(k) plan?
Yes, employees at Pool can change their contribution percentage at any time by submitting a request through the HR portal.
What investment options are available in Pool's 401(k) plan?
Pool's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for Pool's 401(k) matching contributions?
Yes, Pool has a vesting schedule for matching contributions, which means that employees must work for a certain number of years before they fully own the matched funds.
How often can employees at Pool access their 401(k) account statements?
Employees at Pool can access their 401(k) account statements quarterly through the online portal.
What happens to my 401(k) plan if I leave Pool?
If you leave Pool, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Pool plan if you meet the eligibility requirements.
Are there any fees associated with Pool's 401(k) plan?
Yes, there may be administrative fees associated with Pool's 401(k) plan, which are disclosed in the plan documents provided to employees.
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