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

Healthcare Provider Update: REV Group provides its employees with a competitive benefits package that includes medical, dental, vision, and prescription coverage. Employees can access virtual care through Teladoc, diabetes management programs, and HSAs. Additional benefits include life and disability insurance, voluntary accident and critical illness coverage, and a 401(k) retirement plan 4. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

Most REV Group 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 REV Group 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 REV Group employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement savings plan does REV Group offer to its employees?

REV Group offers a 401(k) retirement savings plan to help employees save for their future.

Does REV Group provide a company match for its 401(k) contributions?

Yes, REV Group offers a company match for employee contributions to the 401(k) plan, enhancing employees' retirement savings.

How can employees at REV Group enroll in the 401(k) plan?

Employees at REV Group can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

What is the minimum age requirement for employees to participate in REV Group's 401(k) plan?

Employees must be at least 21 years old to participate in REV Group's 401(k) plan.

Can employees at REV Group change their contribution percentage to the 401(k) plan?

Yes, employees at REV Group can change their contribution percentage at any time, subject to the plan's guidelines.

What investment options are available in REV Group's 401(k) plan?

REV Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for the company match in REV Group's 401(k) plan?

Yes, REV Group has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.

How often can employees at REV Group review their 401(k) account statements?

Employees at REV Group can review their 401(k) account statements quarterly, providing them with updates on their retirement savings.

What happens to my 401(k) account if I leave REV Group?

If you leave REV Group, you have several options for your 401(k) account, including rolling it over to another retirement plan, cashing it out, or leaving it with REV Group until you reach retirement age.

Does REV Group offer loans against the 401(k) plan?

Yes, REV Group allows employees to take loans against their 401(k) plan, subject to certain terms and conditions.