Most Primerica 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 Primerica 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 Primerica employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Primerica offer to its employees?
Primerica offers a 401(k) retirement savings plan to help employees save for their future.
How can I enroll in Primerica's 401(k) plan?
Employees can enroll in Primerica's 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Does Primerica provide any matching contributions to the 401(k) plan?
Yes, Primerica offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What investment options are available in Primerica's 401(k) plan?
Primerica's 401(k) plan includes a variety of investment options, such as mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Can I change my contribution percentage to Primerica's 401(k) plan?
Yes, employees can change their contribution percentage at any time by accessing their account through the HR portal.
Is there a vesting schedule for Primerica's 401(k) matching contributions?
Yes, Primerica has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.
What is the maximum contribution limit for Primerica's 401(k) plan?
The maximum contribution limit for Primerica's 401(k) plan follows the IRS guidelines, which are updated annually.
Can I take a loan against my 401(k) with Primerica?
Yes, Primerica allows employees to take loans against their 401(k) balance under specific conditions outlined in the plan documents.
What happens to my 401(k) account if I leave Primerica?
If you leave Primerica, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Primerica plan if permitted.
How often can I change my investment options within Primerica's 401(k) plan?
Employees can change their investment options in Primerica's 401(k) plan at any time, subject to the plan's trading policies.
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