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Navigating the Shift: What Zebra Technologies Employees Need to Know About Upcoming Financial Aid Changes

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The U.S. Department of Education has designated February as Financial Aid Awareness Month, and this year there's a lot to talk about. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, another relief package in response to the pandemic. Included in the bill were several provisions related to education, including many changes to financial aid. Here are some key highlights.

Money for Education
In total, the bill provides $82 billion for education, including $22.7 billion for colleges and universities. Colleges must use some of those funds to provide emergency financial help to students who have been affected by the pandemic. This is likely left to the discretion of each school's financial aid office.

Despite the cash infusion to colleges, the amount is far short of the $120 billion that college advocates said they needed to deal with the dual headwinds of rising expenses and falling revenue. Ted Mitchell, president of the American Council on Education, stated: '[T]he situation currently facing America's colleges and universities is a crisis of almost unimaginable magnitude....The money provided in this bill will provide some limited relief, which is welcome news to struggling students and institutions. But it is not going to be nearly enough in the long run or even the medium term.'

Simplified FAFSA for 2023-2024 School Year
The relief package included a smaller bill called the FAFSA Simplification Act, which accomplishes the long-held bipartisan objective of simplifying the Free Application for Federal Student Aid, or FAFSA. These changes will take effect starting on July 1, 2023 for the 2023-2024 school year. Here are some of the more significant changes.

The 2023-2024 FAFSA that will include these changes will be available to file beginning October 1, 2022. This will give the U.S. Department of Education time to implement the changes. The 2022-2023 FAFSA, which will be available to file on October 1, 2021, will follow the current definitions and rules.

Employer help with student loan repayment starting in 2021
The bill extends a provision allowing Zebra Technologies employees to pay up to $5,250 of employees' student loans per year on a tax-free basis for another five years. This provision, included in the Consolidated Aid, Relief, and Economic Security (CARES) Act, would have expired at the end of 2020.

Expanded Lifetime Learning credit starting in 2021
Beyond financial aid, the relief bill increases the income limits necessary to qualify for the Lifetime Learning credit, an education tax credit worth up to $2,000 per year for courses taken throughout one's lifetime to acquire or improve job skills.

Starting in 2021, a full credit will be available to single-filer Zebra Technologies employees with a modified adjusted gross income (MAGI) below $80,000 and joint filers with a MAGI below $160,000 (the credit phases out for single filers with incomes between $80,000 and $90,000 and joint filers with incomes between $160,000 and $180,000). These are the same income limits used for the American Opportunity credit. To accommodate an expanded Lifetime Learning credit, Congress repealed the deduction for qualified college tuition and fees for 2021 and beyond.

For more information
The Consolidated Appropriations Act, 2021, contains other provisions that affect the FAFSA, making Financial Aid Awareness Month even more important this year. For more information on the FAFSA for Zebra Technologies employees, along with news and updates, visit the official FAFSA website.

What type of retirement plan does Zebra Technologies offer to its employees?

Zebra Technologies offers a 401(k) retirement savings plan to its employees.

Does Zebra Technologies provide a company match for its 401(k) contributions?

Yes, Zebra Technologies provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

How can employees at Zebra Technologies enroll in the 401(k) plan?

Employees at Zebra Technologies can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What is the minimum age to participate in the Zebra Technologies 401(k) plan?

Employees must be at least 21 years old to participate in the Zebra Technologies 401(k) plan.

Are there any eligibility requirements for the 401(k) plan at Zebra Technologies?

Yes, employees must meet specific eligibility requirements, including a minimum service period, to participate in the Zebra Technologies 401(k) plan.

What types of investment options are available in the Zebra Technologies 401(k) plan?

The Zebra Technologies 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can employees at Zebra Technologies take loans against their 401(k) savings?

Yes, Zebra Technologies allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What is the vesting schedule for the company match in the Zebra Technologies 401(k) plan?

The vesting schedule for the company match in the Zebra Technologies 401(k) plan typically follows a graded vesting schedule over several years.

How often can employees change their contribution percentage to the Zebra Technologies 401(k) plan?

Employees at Zebra Technologies can change their contribution percentage to the 401(k) plan at any time, subject to the plan’s rules.

Does Zebra Technologies offer financial education resources for employees regarding the 401(k) plan?

Yes, Zebra Technologies provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

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For more information you can reach the plan administrator for Zebra Technologies at 3 Overlook Point Lincolnshire, IL 60069; or by calling them at 847-464-8010.

*Please see disclaimer for more information

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