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Most Roper 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 Roper 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 Roper employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is Roper's 401(k) Savings Plan?
Roper's 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted, helping them prepare for retirement.
How can Roper employees enroll in the 401(k) Savings Plan?
Roper employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.
Does Roper offer a company match for the 401(k) contributions?
Yes, Roper offers a company match for employee contributions to the 401(k) Savings Plan, which helps increase the overall retirement savings.
What is the maximum contribution limit for Roper's 401(k) Savings Plan?
The maximum contribution limit for Roper's 401(k) Savings Plan is determined by the IRS and is updated annually. Employees should check the latest guidelines for the current limit.
Can Roper employees change their contribution percentage at any time?
Yes, Roper employees can change their contribution percentage at any time by accessing their account through the benefits portal.
What investment options are available in Roper's 401(k) Savings Plan?
Roper's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can Roper employees access their 401(k) funds?
Roper employees can access their 401(k) funds upon reaching retirement age, or in cases of financial hardship, as defined by the plan's guidelines.
Is there a vesting schedule for Roper's company match in the 401(k) plan?
Yes, Roper has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
How often can Roper employees review their 401(k) account statements?
Roper employees can review their 401(k) account statements quarterly, and they can also access their account online at any time for real-time updates.
What happens to Roper's 401(k) funds if an employee leaves the company?
If an employee leaves Roper, they can choose to roll over their 401(k) funds to another retirement account, leave the funds in the current plan, or withdraw them, subject to taxes and penalties.
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