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Most Elevance 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 Elevance 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 Elevance Health employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Elevance Health offer to its employees?
Elevance Health offers a 401(k) savings plan to help employees save for retirement.
Does Elevance Health match employee contributions to the 401(k) plan?
Yes, Elevance Health provides a matching contribution to employee 401(k) plans, subject to certain limits.
How can employees enroll in the Elevance Health 401(k) savings plan?
Employees can enroll in the Elevance Health 401(k) savings plan through the company’s benefits portal during the enrollment period.
What types of investment options are available in the Elevance Health 401(k) plan?
The Elevance Health 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Is there a vesting schedule for the Elevance Health 401(k) matching contributions?
Yes, Elevance Health has a vesting schedule for matching contributions, which means employees must work for the company for a certain period to fully own those contributions.
Can employees take loans against their Elevance Health 401(k) savings plan?
Yes, Elevance Health allows employees to take loans against their 401(k) savings plan, subject to specific terms and conditions.
What is the maximum contribution limit for the Elevance Health 401(k) plan?
The maximum contribution limit for the Elevance Health 401(k) plan is determined by IRS guidelines, which can change annually.
Does Elevance Health offer financial education resources for employees regarding the 401(k) plan?
Yes, Elevance Health provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
When can employees start withdrawing from their Elevance Health 401(k) savings plan?
Employees can generally start withdrawing from their Elevance Health 401(k) savings plan at age 59½, although there are specific rules regarding withdrawals.
Are there penalties for early withdrawal from the Elevance Health 401(k) plan?
Yes, early withdrawals from the Elevance Health 401(k) plan may incur penalties and taxes, according to IRS regulations.
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