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Most Celanese 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 Celanese 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 Celanese employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of the 401(k) Savings Plan at Celanese?
The purpose of the 401(k) Savings Plan at Celanese is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.
How does Celanese match employee contributions to the 401(k) Savings Plan?
Celanese offers a matching contribution to the 401(k) Savings Plan, where the company matches a percentage of employee contributions, helping to maximize retirement savings.
What types of investments are available in Celanese's 401(k) Savings Plan?
Celanese's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can Celanese employees change their contribution percentage to the 401(k) Savings Plan?
Yes, Celanese employees can change their contribution percentage to the 401(k) Savings Plan at any time, subject to the plan's guidelines.
What is the vesting schedule for Celanese's 401(k) Savings Plan?
The vesting schedule for Celanese's 401(k) Savings Plan dictates how long employees must work for the company before they fully own the employer's matching contributions.
When can Celanese employees start contributing to the 401(k) Savings Plan?
Celanese employees can typically start contributing to the 401(k) Savings Plan after completing a certain period of employment, often within their first few months.
Does Celanese allow for loans against the 401(k) Savings Plan?
Yes, Celanese allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.
How can Celanese employees access their 401(k) Savings Plan account information?
Celanese employees can access their 401(k) Savings Plan account information through the company’s designated retirement plan website or by contacting the plan administrator.
Are there any fees associated with Celanese's 401(k) Savings Plan?
Yes, there may be fees associated with Celanese's 401(k) Savings Plan, which can include administrative fees and investment management fees, as outlined in the plan documents.
What happens to a Celanese employee's 401(k) Savings Plan if they leave the company?
If a Celanese employee leaves the company, they have several options regarding their 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it with Celanese.
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