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Most Starbucks 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 Starbucks 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 Starbucks employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Starbucks offer to its employees?
Starbucks offers a 401(k) retirement savings plan to its employees.
Does Starbucks match employee contributions to the 401(k) plan?
Yes, Starbucks provides a matching contribution to employees who participate in the 401(k) plan.
What is the maximum percentage that Starbucks will match in the 401(k) plan?
Starbucks matches employee contributions up to a certain percentage, typically 4%, but it's best to check the latest plan details for exact figures.
Can part-time employees at Starbucks participate in the 401(k) plan?
Yes, part-time employees at Starbucks are eligible to participate in the 401(k) plan.
How can Starbucks employees enroll in the 401(k) plan?
Starbucks employees can enroll in the 401(k) plan through the company’s benefits portal or by contacting HR for assistance.
What investment options are available in the Starbucks 401(k) plan?
The Starbucks 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Is there a waiting period for Starbucks employees to join the 401(k) plan?
Starbucks typically has a waiting period, which can vary, so employees should consult the plan documents for specific details.
Can Starbucks employees take loans against their 401(k) savings?
Yes, Starbucks allows employees to take loans against their 401(k) savings under certain conditions.
What happens to my 401(k) savings if I leave Starbucks?
If you leave Starbucks, you can roll over your 401(k) savings to another retirement account or leave it in the Starbucks plan, subject to the plan’s rules.
How often can Starbucks employees change their 401(k) contribution amounts?
Starbucks employees can typically change their contribution amounts at any time, subject to plan rules.
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