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Healthcare Provider Update: Benefits include medical, dental, vision, life, disability, and global EAP support 6. ACA planning is advised for retirees and those comparing employer vs. marketplace coverage Click here to learn more
Most Univar Solutions 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 Univar Solutions 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 Univar Solutions employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the primary purpose of the 401(k) plan at Univar Solutions?
The primary purpose of the 401(k) plan at Univar Solutions is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees at Univar Solutions enroll in the 401(k) plan?
Employees at Univar Solutions can enroll in the 401(k) plan by accessing the company’s benefits portal and following the enrollment instructions provided.
Does Univar Solutions offer a company match for the 401(k) contributions?
Yes, Univar Solutions offers a company match for 401(k) contributions, which helps employees increase their retirement savings.
What is the maximum contribution limit for the 401(k) plan at Univar Solutions?
The maximum contribution limit for the 401(k) plan at Univar Solutions is aligned with IRS guidelines, which can change annually. Employees should check the latest limits on the benefits portal.
Can employees at Univar Solutions change their contribution percentage to the 401(k) plan?
Yes, employees at Univar Solutions can change their contribution percentage at any time through the benefits portal.
What investment options are available within the Univar Solutions 401(k) plan?
The Univar Solutions 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the company match in the Univar Solutions 401(k) plan?
Yes, there is a vesting schedule for the company match in the Univar Solutions 401(k) plan, which determines when employees fully own the matched contributions.
How often can employees at Univar Solutions review their 401(k) account statements?
Employees at Univar Solutions can review their 401(k) account statements quarterly, and they can also access their account information online at any time.
What happens to the 401(k) plan if an employee leaves Univar Solutions?
If an employee leaves Univar Solutions, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, or cashing it out, subject to taxes and penalties.
Can employees take loans against their 401(k) at Univar Solutions?
Yes, employees at Univar Solutions may have the option to take loans against their 401(k) balance, subject to the plan's specific rules and limits.
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