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Healthcare Provider Update: Offers medical, dental, vision, fertility, and mental health benefits, plus HSAs, FSAs, and wellness incentives 5. As ACA marketplace costs increase, Winnebagos employer contributions and wellness credits help reduce employee healthcare expenses. Click here to learn more
Most Winnebago Industries 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 Winnebago Industries 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 Winnebago Industries employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Winnebago Industries?
The 401(k) plan at Winnebago Industries is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can employees enroll in the 401(k) plan at Winnebago Industries?
Employees can enroll in the Winnebago Industries 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Winnebago Industries match employee contributions to the 401(k) plan?
Yes, Winnebago Industries offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the maximum contribution limit for the 401(k) plan at Winnebago Industries?
The maximum contribution limit for the 401(k) plan at Winnebago Industries is set according to IRS guidelines, which may change annually.
Can employees take loans against their 401(k) savings at Winnebago Industries?
Yes, Winnebago Industries allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What types of investment options are available in the Winnebago Industries 401(k) plan?
The 401(k) plan at Winnebago Industries offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
Is there a vesting period for the employer match in the Winnebago Industries 401(k) plan?
Yes, there is typically a vesting period for the employer match in the Winnebago Industries 401(k) plan, which means employees must work for a certain period before they fully own the matched contributions.
How can employees access their 401(k) account information at Winnebago Industries?
Employees can access their 401(k) account information through the online portal provided by Winnebago Industries or by contacting the plan administrator.
What happens to the 401(k) plan if an employee leaves Winnebago Industries?
If an employee leaves Winnebago Industries, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it in the current plan if allowed.
Can employees change their contribution percentage to the 401(k) plan at Winnebago Industries?
Yes, employees at Winnebago Industries can change their contribution percentage to the 401(k) plan at any time, subject to the plan's rules.
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