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Akamai Technologies Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

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Most Akamai Technologies 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 Akamai Technologies 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 Akamai Technologies employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the 401(k) plan offered by Akamai Technologies?

The 401(k) plan at Akamai Technologies is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or Roth basis.

How does Akamai Technologies match employee contributions to the 401(k) plan?

Akamai Technologies offers a company match for employee contributions to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

When can employees at Akamai Technologies enroll in the 401(k) plan?

Employees at Akamai Technologies can enroll in the 401(k) plan during their initial onboarding or during the annual open enrollment period.

What investment options are available in the Akamai Technologies 401(k) plan?

The Akamai Technologies 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.

Is there a vesting schedule for the Akamai Technologies 401(k) plan?

Yes, Akamai Technologies has a vesting schedule for its 401(k) contributions, meaning that employees must work for a certain period before they fully own the company’s matching contributions.

Can employees take loans against their 401(k) plans at Akamai Technologies?

Yes, Akamai Technologies allows employees to take loans against their 401(k) plans, subject to specific terms and conditions.

What happens to my 401(k) if I leave Akamai Technologies?

If you leave Akamai Technologies, you can choose to roll over your 401(k) balance into an IRA or another employer’s retirement plan, cash out, or leave it in the Akamai plan if eligible.

How can employees at Akamai Technologies change their 401(k) contribution percentage?

Employees can change their 401(k) contribution percentage by accessing their account through the Akamai Technologies benefits portal and following the instructions provided.

Does Akamai Technologies provide financial planning resources for employees regarding the 401(k) plan?

Yes, Akamai Technologies offers financial planning resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

Are there any fees associated with the Akamai Technologies 401(k) plan?

Yes, there may be administrative and investment fees associated with the Akamai Technologies 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

News: Akamai Technologies recently announced a restructuring plan to streamline operations, which includes some workforce reductions. The company is focusing on enhancing its core business areas while reducing costs. Important: Addressing this news is crucial due to the current economic climate, which impacts job stability and financial planning. Understanding these changes helps employees and investors adjust their strategies in a shifting market.

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For more information you can reach the plan administrator for Akamai Technologies at 150 Broadway Cambridge, MA 2142; or by calling them at (617) 444-3000.