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Most Arista Networks 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 Arista Networks 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 Arista Networks employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Arista Networks offer to its employees?
Arista Networks offers a 401(k) retirement savings plan to help employees save for their future.
Does Arista Networks match employee contributions to the 401(k) plan?
Yes, Arista Networks provides a matching contribution to the 401(k) plan, subject to certain limits.
How can employees enroll in the 401(k) plan at Arista Networks?
Employees can enroll in the 401(k) plan at Arista Networks by completing the enrollment process through the company’s HR portal.
What is the eligibility requirement for Arista Networks’ 401(k) plan?
To be eligible for the 401(k) plan at Arista Networks, employees must meet specific criteria such as age and length of service.
Can employees at Arista Networks take loans against their 401(k) savings?
Yes, Arista Networks allows employees to take loans against their 401(k) savings under certain conditions.
What investment options are available in the Arista Networks 401(k) plan?
The Arista Networks 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
How often can employees change their contribution amounts to the Arista Networks 401(k) plan?
Employees can change their contribution amounts to the Arista Networks 401(k) plan on a quarterly basis.
What is the vesting schedule for employer contributions at Arista Networks?
The vesting schedule for employer contributions at Arista Networks varies based on the length of service and specific plan provisions.
Does Arista Networks offer financial education resources related to the 401(k) plan?
Yes, Arista Networks provides financial education resources and workshops to help employees make informed decisions about their 401(k) savings.
What happens to my 401(k) savings if I leave Arista Networks?
If you leave Arista Networks, you can choose to roll over your 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.