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Most Valvoline 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 Valvoline 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 Valvoline employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Valvoline?
Valvoline offers a 401(k) plan that allows employees to save for retirement with pre-tax contributions, helping them build a nest egg for their future.
How can employees enroll in Valvoline's 401(k) plan?
Employees can enroll in Valvoline's 401(k) plan by accessing the enrollment portal through the company's HR website or contacting the HR department for assistance.
What types of contributions can employees make to Valvoline's 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.
Does Valvoline offer a company match for the 401(k) contributions?
Yes, Valvoline offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.
What is the vesting schedule for Valvoline's 401(k) company match?
The vesting schedule for Valvoline's 401(k) company match typically follows a graded schedule, meaning employees become vested in the company match over a period of time.
Can employees change their contribution amounts to Valvoline's 401(k) plan?
Yes, employees can change their contribution amounts to Valvoline's 401(k) plan at any time, subject to the plan's rules and guidelines.
What investment options are available in Valvoline's 401(k) plan?
Valvoline's 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 loan option available in Valvoline's 401(k) plan?
Yes, Valvoline's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
What happens to the 401(k) plan if an employee leaves Valvoline?
If an employee leaves Valvoline, 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).
How often can employees access their 401(k) statements from Valvoline?
Employees can access their 401(k) statements from Valvoline on a quarterly basis, and they can also view their account online at any time.
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