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Most Edison International 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 Edison International 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 Edison International employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Edison International?
The 401(k) plan offered by Edison International is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the Edison International 401(k) plan?
Employees can enroll in the Edison International 401(k) plan through the company's HR portal or by contacting the benefits department for assistance.
Does Edison International offer a company match for the 401(k) contributions?
Yes, Edison International offers a company match on employee contributions to the 401(k) plan, which helps employees save more for retirement.
What is the maximum contribution limit for the Edison International 401(k) plan?
The maximum contribution limit for the Edison International 401(k) plan is set by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.
Can I change my contribution percentage to the Edison International 401(k) plan?
Yes, employees can change their contribution percentage to the Edison International 401(k) plan at any time, typically through the HR portal.
What investment options are available in the Edison International 401(k) plan?
The Edison International 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to choose based on their risk tolerance.
When can I access my funds from the Edison International 401(k) plan?
Employees can access their funds from the Edison International 401(k) plan upon reaching retirement age, or under certain circumstances such as financial hardship or termination of employment.
Are there any fees associated with the Edison International 401(k) plan?
Yes, there may be administrative fees associated with the Edison International 401(k) plan, which are disclosed in the plan documents provided to employees.
How does Edison International ensure the security of my 401(k) investments?
Edison International takes the security of 401(k) investments seriously by using reputable financial institutions and providing regular statements and updates to employees.
Can I take a loan against my 401(k) from Edison International?
Yes, employees may have the option to take a loan against their 401(k) balance with Edison International, subject to the plan's terms and conditions.
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