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Healthcare Provider Update: Freddie Mac offers a comprehensive benefits package that includes flexible healthcare plans such as POS, HMO, and high-deductible options with HSAs. Employees also receive dental, vision, life, and disability insurance, along with access to an on-site wellness center and fitness facilities. Additional perks include student loan repayment assistance, adoption and fertility benefits, legal services, commuter subsidies, and generous paid time off. The company contributes to 401(k) plans with matching and automatic contributions, and supports employee well-being through EAPs and backup care services 1. Freddie Mac Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more
Most Freddie Mac 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 Freddie Mac 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 Freddie Mac employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Freddie Mac offer to its employees?
Freddie Mac offers a 401(k) retirement savings plan to help employees save for their future.
Does Freddie Mac match employee contributions to the 401(k) plan?
Yes, Freddie Mac provides a matching contribution to employee 401(k) contributions, up to a certain percentage.
What is the eligibility requirement for Freddie Mac's 401(k) plan?
Employees at Freddie Mac are typically eligible to participate in the 401(k) plan after completing a specified period of service.
Can Freddie Mac employees make pre-tax contributions to their 401(k) plan?
Yes, Freddie Mac employees can make pre-tax contributions to their 401(k) plan, which can reduce their taxable income.
Does Freddie Mac allow after-tax contributions to the 401(k) plan?
Yes, Freddie Mac allows employees to make after-tax contributions to their 401(k) plan.
How often can Freddie Mac employees change their contribution amounts to the 401(k) plan?
Freddie Mac employees can change their contribution amounts to the 401(k) plan during designated enrollment periods or as specified by the plan rules.
What investment options are available in Freddie Mac's 401(k) plan?
Freddie Mac's 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles.
Is there a vesting schedule for Freddie Mac's matching contributions?
Yes, Freddie Mac has a vesting schedule for matching contributions, which determines when employees fully own those contributions.
How can Freddie Mac employees access their 401(k) account information?
Freddie Mac employees can access their 401(k) account information through the company's designated retirement plan website or portal.
What happens to a Freddie Mac employee's 401(k) account if they leave the company?
If a Freddie Mac employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, withdraw the funds, or leave the account with Freddie Mac, subject to plan rules.
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