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Healthcare Provider Update: Offers medical, dental, vision, mental health, FSAs, and disability insurance, along with paid leave and tuition reimbursement 7. As ACA premiums increase, World Fuels employer-sponsored plans may offer more predictable costs and better coverage than individual marketplace options. Click here to learn more
Most World Fuel Services 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 World Fuel Services 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 World Fuel Services employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by World Fuel Services?
The 401(k) plan at World Fuel Services is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the World Fuel Services 401(k) plan?
Employees can enroll in the World Fuel Services 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.
Does World Fuel Services match contributions to the 401(k) plan?
Yes, World Fuel Services offers a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the vesting schedule for the World Fuel Services 401(k) matching contributions?
The vesting schedule for World Fuel Services' 401(k) matching contributions typically follows a graded vesting schedule over a period of years, which is outlined in the plan documents.
Can I change my contribution percentage to the World Fuel Services 401(k) plan?
Yes, employees can change their contribution percentage to the World Fuel Services 401(k) plan at any time by submitting a request through the HR portal.
What investment options are available in the World Fuel Services 401(k) plan?
The World Fuel Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can I start withdrawing from my World Fuel Services 401(k) plan?
Employees can typically start withdrawing from their World Fuel Services 401(k) plan without penalty at age 59½, subject to specific plan rules and regulations.
Are there any loans available against my World Fuel Services 401(k) plan?
Yes, World Fuel Services may allow employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.
What happens to my World Fuel Services 401(k) if I leave the company?
If you leave World Fuel Services, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the World Fuel Services plan if allowed.
How often can I make changes to my investment choices in the World Fuel Services 401(k) plan?
Employees can make changes to their investment choices in the World Fuel Services 401(k) plan on a regular basis, typically quarterly or as specified in the plan documents.
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