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Most Popular 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 Popular 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 Popular employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Popular offer to its employees?
Popular offers a 401(k) retirement savings plan to its employees.
How can employees at Popular enroll in the 401(k) plan?
Employees at Popular can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Popular provide any matching contributions to the 401(k) plan?
Yes, Popular provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement for Popular's 401(k) plan?
Employees at Popular typically become eligible for the 401(k) plan after completing a specified period of service, usually within the first year of employment.
Can employees at Popular change their contribution percentage to the 401(k) plan?
Yes, employees at Popular can change their contribution percentage at any time, subject to the plan's guidelines.
What investment options are available in Popular's 401(k) plan?
Popular's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a loan provision in Popular's 401(k) plan?
Yes, Popular's 401(k) plan includes a loan provision, allowing employees to borrow against their savings under certain conditions.
How often can employees at Popular review their 401(k) account statements?
Employees at Popular can review their 401(k) account statements quarterly, and they can also access their account online anytime.
What happens to my 401(k) balance if I leave Popular?
If you leave Popular, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Popular plan if eligible.
Are there any fees associated with Popular's 401(k) plan?
Yes, there may be administrative fees associated with Popular's 401(k) plan, which are disclosed in the plan documents.
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