Most Cerner 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 Cerner 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 Cerner employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the Cerner 401(k) Savings Plan?
The Cerner 401(k) Savings Plan is a retirement savings plan that allows eligible employees to save for retirement through pre-tax and/or Roth contributions.
How can Cerner employees enroll in the 401(k) Savings Plan?
Cerner employees can enroll in the 401(k) Savings Plan by accessing the Cerner benefits portal during the enrollment period or upon hire.
What types of contributions can Cerner employees make to the 401(k) Savings Plan?
Cerner employees can make pre-tax contributions, Roth contributions, and after-tax contributions to the 401(k) Savings Plan.
Does Cerner offer a company match for the 401(k) Savings Plan?
Yes, Cerner offers a company match for employee contributions to the 401(k) Savings Plan, subject to specific terms and conditions.
What is the maximum contribution limit for Cerner employees participating in the 401(k) Savings Plan?
The maximum contribution limit for Cerner employees is determined by IRS regulations and may change annually; employees should check the latest IRS guidelines for the current limit.
When can Cerner employees start withdrawing from their 401(k) Savings Plan?
Cerner employees can typically start withdrawing from their 401(k) Savings Plan upon reaching age 59½, or earlier under certain circumstances such as financial hardship.
Are there any fees associated with the Cerner 401(k) Savings Plan?
Yes, there may be fees associated with the Cerner 401(k) Savings Plan, including administrative fees and investment-related fees. Employees should review the plan documents for details.
Can Cerner employees take a loan against their 401(k) Savings Plan?
Yes, Cerner allows employees to take a loan against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
How can Cerner employees manage their 401(k) investments?
Cerner employees can manage their 401(k) investments by logging into the benefits portal and selecting from various investment options available in the plan.
What happens to a Cerner employee's 401(k) Savings Plan if they leave the company?
If a Cerner employee leaves the company, they can choose to leave their funds in the plan, roll them over to another retirement account, or withdraw the funds, subject to tax implications.
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