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Most W.R. Grace 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 W.R. Grace 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 W.R. Grace employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by W.R. Grace?
The 401(k) plan offered by W.R. Grace 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 W.R. Grace 401(k) plan?
Employees can enroll in the W.R. Grace 401(k) plan by completing the enrollment form available through the HR department or the company’s benefits portal.
Does W.R. Grace match employee contributions to the 401(k) plan?
Yes, W.R. Grace offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the maximum contribution limit for the W.R. Grace 401(k) plan?
The maximum contribution limit for the W.R. Grace 401(k) plan is in accordance with IRS guidelines, which are updated annually.
Can I change my contribution rate to the W.R. Grace 401(k) plan?
Yes, employees can change their contribution rate to the W.R. Grace 401(k) plan at any time, subject to certain restrictions.
What investment options are available in the W.R. Grace 401(k) plan?
The W.R. Grace 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
When can I start withdrawing funds from my W.R. Grace 401(k) plan?
Employees can start withdrawing funds from their W.R. Grace 401(k) plan upon reaching age 59½ or under certain circumstances such as financial hardship.
Are loans available through the W.R. Grace 401(k) plan?
Yes, W.R. Grace allows participants to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to my W.R. Grace 401(k) plan if I leave the company?
If you leave W.R. Grace, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the W.R. Grace plan if eligible.
How often can I make changes to my W.R. Grace 401(k) investment allocations?
Employees can typically make changes to their investment allocations in the W.R. Grace 401(k) plan on a quarterly basis or as specified in the plan documents.
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