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Most Guardian Life Ins. Co. of America 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 Guardian Life Ins. Co. of America 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 Guardian Life Ins. Co. of America employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What types of retirement savings plans does Guardian Life Ins. Co. of America offer to its employees?
Guardian Life Ins. Co. of America offers a 401(k) plan as a primary retirement savings option for its employees.
How can employees of Guardian Life Ins. Co. of America enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan by accessing the employee benefits portal or contacting the HR department for guidance on the enrollment process.
What is the employer match policy for the 401(k) plan at Guardian Life Ins. Co. of America?
Guardian Life Ins. Co. of America provides a competitive employer match for employee contributions to the 401(k) plan, which is detailed in the plan summary.
Can employees of Guardian Life Ins. Co. of America change their contribution percentage to the 401(k) plan?
Yes, employees can change their contribution percentage at any time by submitting a request through the employee benefits portal.
What investment options are available in the 401(k) plan at Guardian Life Ins. Co. of America?
Guardian Life Ins. Co. of America offers a range of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the employer contributions in Guardian Life Ins. Co. of America’s 401(k) plan?
Yes, Guardian Life Ins. Co. of America has a vesting schedule that determines when employees fully own the employer contributions made to their 401(k) accounts.
What is the minimum age requirement to participate in the 401(k) plan at Guardian Life Ins. Co. of America?
Employees must be at least 21 years old to participate in the 401(k) plan at Guardian Life Ins. Co. of America.
How often can employees of Guardian Life Ins. Co. of America make changes to their investment elections in the 401(k) plan?
Employees can make changes to their investment elections in the 401(k) plan at any time, subject to the terms outlined in the plan documents.
Does Guardian Life Ins. Co. of America provide financial education resources for employees regarding their 401(k) plan?
Yes, Guardian Life Ins. Co. of America offers financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.
What happens to an employee's 401(k) account if they leave Guardian Life Ins. Co. of America?
If an employee leaves Guardian Life Ins. Co. of America, they have several options for their 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it with Guardian.
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