/General/General%2011.png?width=1280&height=853&name=General%2011.png)
Most Equitable Holdings 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 Equitable Holdings 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
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 Equitable Holdings employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Equitable Holdings?
The 401(k) plan at Equitable Holdings is a retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out.
How can employees enroll in the 401(k) plan at Equitable Holdings?
Employees can enroll in the Equitable Holdings 401(k) plan by accessing the benefits portal or contacting the HR department for guidance on the enrollment process.
Does Equitable Holdings offer a company match for the 401(k) contributions?
Yes, Equitable Holdings provides a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What are the contribution limits for the 401(k) plan at Equitable Holdings?
The contribution limits for the Equitable Holdings 401(k) plan are in line with IRS regulations, which can change annually. Employees should check the latest guidelines for the current limits.
Can employees take loans against their 401(k) plans at Equitable Holdings?
Yes, Equitable Holdings allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan documents.
What investment options are available in the Equitable Holdings 401(k) plan?
The 401(k) plan at Equitable Holdings offers a range of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the company match in the Equitable Holdings 401(k) plan?
Yes, Equitable Holdings has a vesting schedule for the company match, which means employees must work for the company for a certain period before they fully own the matched contributions.
How can employees change their contribution percentage to the 401(k) plan at Equitable Holdings?
Employees can change their contribution percentage by logging into the benefits portal or contacting HR to submit their request.
What happens to the 401(k) plan if an employee leaves Equitable Holdings?
If an employee leaves Equitable Holdings, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Equitable Holdings.
Are there any penalties for early withdrawal from the Equitable Holdings 401(k) plan?
Yes, early withdrawals from the Equitable Holdings 401(k) plan may incur penalties and taxes, as per IRS regulations, unless certain conditions are met.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)