Most CVS Health 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 CVS Health 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 CVS Health employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does CVS Health offer to its employees?
CVS Health offers a 401(k) retirement savings plan to help employees save for their future.
How can CVS Health employees enroll in the 401(k) plan?
Employees can enroll in the CVS Health 401(k) plan through the company’s online benefits portal or by contacting the HR department for assistance.
Does CVS Health provide a company match for contributions to the 401(k) plan?
Yes, CVS Health offers a company match on employee contributions to the 401(k) plan, helping to enhance retirement savings.
What is the maximum contribution limit for the CVS Health 401(k) plan?
The maximum contribution limit for the CVS Health 401(k) plan is determined by the IRS and may change annually; employees should check the current limits for the specific year.
Can CVS Health employees change their contribution percentage to the 401(k) plan?
Yes, employees at CVS Health can change their contribution percentage at any time through the online benefits portal.
What investment options are available in the CVS Health 401(k) plan?
The CVS Health 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for CVS Health's company match in the 401(k) plan?
Yes, CVS Health has a vesting schedule for the company match, which means employees must meet certain service requirements to fully own the matched funds.
Can CVS Health employees take loans against their 401(k) savings?
Yes, CVS Health allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to a CVS Health employee's 401(k) if they leave the company?
If a CVS Health employee leaves the company, they have several options for their 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with CVS Health.
How often can CVS Health employees review their 401(k) account statements?
CVS Health employees can review their 401(k) account statements online at any time, as well as receive periodic statements via mail.
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