Most CDW 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 CDW 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 CDW employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does CDW offer to its employees?
CDW offers a 401(k) retirement savings plan to help employees save for their future.
Does CDW provide a company match for contributions to the 401(k) plan?
Yes, CDW provides a company match for employee contributions to the 401(k) plan, which helps enhance retirement savings.
What is the eligibility requirement to participate in CDW's 401(k) plan?
Employees are eligible to participate in CDW's 401(k) plan after completing a specific period of employment, typically outlined in the plan documents.
Can employees at CDW choose how their 401(k) contributions are invested?
Yes, employees at CDW can choose from a variety of investment options for their 401(k) contributions based on their risk tolerance and retirement goals.
What is the maximum contribution limit for the CDW 401(k) plan?
The maximum contribution limit for the CDW 401(k) plan is subject to IRS regulations, which are updated annually.
Does CDW allow employees to take loans against their 401(k) savings?
Yes, CDW allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
When can employees at CDW start withdrawing from their 401(k) plan?
Employees at CDW can start withdrawing from their 401(k) plan at age 59½, following the plan's rules regarding distributions.
Is there a vesting schedule for the company match in CDW's 401(k) plan?
Yes, CDW has a vesting schedule for the company match, which determines how much of the match employees are entitled to based on their years of service.
How often can employees at CDW change their 401(k) contribution amount?
Employees at CDW can change their 401(k) contribution amount during designated enrollment periods or as specified in the plan guidelines.
Does CDW offer educational resources for employees to learn about their 401(k) options?
Yes, CDW provides educational resources and tools to help employees understand their 401(k) options and make informed decisions.
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