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

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Most Blackstone 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 Blackstone 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 Blackstone employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the 401(k) plan offered by Blackstone?

The 401(k) plan at Blackstone is a retirement savings plan that allows employees to save a portion of their salary before taxes are deducted.

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

Blackstone offers a matching contribution for employee contributions to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

What are the eligibility requirements for Blackstone's 401(k) plan?

Employees at Blackstone are generally eligible to participate in the 401(k) plan after completing a specific period of service, often within the first year of employment.

Can employees at Blackstone change their contribution percentage to the 401(k) plan?

Yes, employees at Blackstone can change their contribution percentage to the 401(k) plan at designated times throughout the year.

What investment options are available in Blackstone's 401(k) plan?

Blackstone's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds tailored to different risk levels.

Does Blackstone provide educational resources for employees regarding the 401(k) plan?

Yes, Blackstone offers educational resources and tools to help employees understand their 401(k) options and make informed investment decisions.

What is the vesting schedule for Blackstone's 401(k) matching contributions?

The vesting schedule for Blackstone's 401(k) matching contributions typically requires employees to work for a certain number of years before they fully own the matched funds.

Can Blackstone employees take loans against their 401(k) savings?

Yes, Blackstone allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

How can employees at Blackstone access their 401(k) account information?

Employees can access their 401(k) account information through Blackstone's designated online portal or by contacting the plan administrator.

What happens to a Blackstone employee's 401(k) if they leave the company?

If a Blackstone employee leaves the company, they can roll over their 401(k) balance into an IRA or a new employer's retirement plan, or they may choose to cash out, subject to taxes and penalties.

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

Blackstone announced a restructuring plan involving significant layoffs across various departments to streamline operations and reduce costs. This move comes amid an economic downturn impacting the private equity and investment sectors.