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Most Dollar General 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 Dollar General 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 Dollar General employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Dollar General?
The 401(k) plan offered by Dollar General is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does Dollar General match employee contributions to the 401(k) plan?
Dollar General provides a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions, up to a certain limit.
When can employees at Dollar General start participating in the 401(k) plan?
Employees at Dollar General can typically start participating in the 401(k) plan after completing a specified period of employment, usually within the first year.
What types of investments are available in Dollar General's 401(k) plan?
Dollar General's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Can employees at Dollar General take loans against their 401(k) savings?
Yes, Dollar General allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan.
What happens to my Dollar General 401(k) if I leave the company?
If you leave Dollar General, you can choose to roll over your 401(k) balance into another retirement account, cash it out, or leave it in the Dollar General plan if eligible.
Is there a vesting schedule for Dollar General's 401(k) matching contributions?
Yes, Dollar General has a vesting schedule for its matching contributions, meaning employees must work for a certain period to fully own the employer contributions.
How can employees at Dollar General enroll in the 401(k) plan?
Employees at Dollar General can enroll in the 401(k) plan through the company's HR portal or by contacting their HR representative for assistance.
What is the contribution limit for Dollar General's 401(k) plan?
The contribution limit for Dollar General's 401(k) plan follows the IRS guidelines, which are updated annually. Employees should check the current limits for the year.
Does Dollar General offer financial education resources for 401(k) participants?
Yes, Dollar General provides financial education resources and tools to help employees make informed decisions about their 401(k) investments.
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