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Most Progressive 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 Progressive 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 Progressive employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Progressive?
Progressive offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, helping them build a secure financial future.
Does Progressive match employee contributions to the 401(k) plan?
Yes, Progressive provides a matching contribution to employees' 401(k) plans, which helps enhance retirement savings.
What is the maximum contribution limit for Progressive's 401(k) plan?
The maximum contribution limit for Progressive's 401(k) plan aligns with IRS guidelines, which are updated annually.
Can employees at Progressive choose how to invest their 401(k) contributions?
Yes, employees at Progressive can choose from a variety of investment options within the 401(k) plan to suit their individual risk tolerance and retirement goals.
At what age can employees access their 401(k) funds at Progressive?
Employees can generally access their 401(k) funds at Progressive without penalty once they reach the age of 59½, subject to certain conditions.
Is there a vesting schedule for Progressive's 401(k) matching contributions?
Yes, Progressive has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.
How often can employees at Progressive change their 401(k) contribution amounts?
Employees at Progressive can change their 401(k) contribution amounts at any time, allowing for flexibility in their savings strategy.
Does Progressive offer financial education resources for employees regarding their 401(k) plan?
Yes, Progressive provides financial education resources and tools to help employees make informed decisions about their 401(k) investments.
Can employees take loans against their 401(k) at Progressive?
Yes, Progressive allows employees to take loans against their 401(k) balance under certain conditions, providing access to funds when needed.
What happens to an employee's 401(k) if they leave Progressive?
If an employee leaves Progressive, they have several options for their 401(k), including rolling it over to a new employer's plan or an IRA.
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