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Healthcare Provider Update: Offers medical, dental, vision, mental health, and disability coverage, along with HSAs, FSAs, and wellness programs 8. With ACA subsidies expiring, ASGNs flexible benefits and mental health resources help employees manage rising healthcare expenses. Click here to learn more
Most ASGN 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 ASGN 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 ASGN employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the ASGN 401(k) plan?
The ASGN 401(k) plan is a retirement savings plan that allows employees to save for retirement on a tax-advantaged basis.
How can I enroll in the ASGN 401(k) plan?
You can enroll in the ASGN 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What types of contributions can I make to the ASGN 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and, in some cases, catch-up contributions if they are age 50 or older.
Is there a company match for contributions to the ASGN 401(k) plan?
Yes, ASGN offers a company match for employee contributions, which helps enhance your retirement savings.
What is the vesting schedule for the ASGN 401(k) plan?
The vesting schedule for the ASGN 401(k) plan typically depends on the length of service and the specific terms outlined in the plan documents.
Can I take a loan against my ASGN 401(k) plan?
Yes, ASGN allows participants to take loans against their 401(k) balance, subject to the terms and conditions of the plan.
What investment options are available in the ASGN 401(k) plan?
The ASGN 401(k) plan offers a variety of investment options, including mutual funds, target date funds, and other investment vehicles.
How often can I change my contribution amount to the ASGN 401(k) plan?
Employees can typically change their contribution amounts to the ASGN 401(k) plan at any time, subject to the plan's rules.
When can I start withdrawing funds from my ASGN 401(k) plan?
You can begin withdrawing funds from your ASGN 401(k) plan without penalties after reaching age 59½, or in the event of a qualifying hardship.
Does ASGN provide educational resources for managing my 401(k) plan?
Yes, ASGN provides educational resources and tools to help employees understand and manage their 401(k) plan effectively.
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