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Most Honeywell International Inc. 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 Honeywell International Inc. 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 Honeywell International Inc. employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Honeywell International Inc. offer to its employees?
Honeywell International Inc. offers a 401(k) retirement savings plan to its employees.
Does Honeywell International Inc. provide a company match for employee contributions to the 401(k) plan?
Yes, Honeywell International Inc. provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
How can employees at Honeywell International Inc. enroll in the 401(k) plan?
Employees at Honeywell International Inc. can enroll in the 401(k) plan through the company's benefits portal or by contacting the HR department.
What is the eligibility criteria for Honeywell International Inc. employees to participate in the 401(k) plan?
Most employees of Honeywell International Inc. are eligible to participate in the 401(k) plan after completing a specified period of service.
Can employees of Honeywell International Inc. take loans against their 401(k) savings?
Yes, Honeywell International Inc. allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What investment options are available in the Honeywell International Inc. 401(k) plan?
The Honeywell International Inc. 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
How often can employees at Honeywell International Inc. change their 401(k) contribution amounts?
Employees at Honeywell International Inc. can change their 401(k) contribution amounts at any time, subject to plan rules.
What is the vesting schedule for employer contributions in the Honeywell International Inc. 401(k) plan?
The vesting schedule for employer contributions in the Honeywell International Inc. 401(k) plan varies, and employees should refer to the plan documents for specific details.
Are there any fees associated with the Honeywell International Inc. 401(k) plan?
Yes, there may be fees associated with the Honeywell International Inc. 401(k) plan, which can include administrative fees and investment fund expenses.
How does Honeywell International Inc. communicate changes to the 401(k) plan to its employees?
Honeywell International Inc. communicates changes to the 401(k) plan through official company emails, newsletters, and updates on the employee benefits portal.
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