/General/General%209.png?width=1280&height=853&name=General%209.png)
Most Los Angeles Fire and Police Pensions 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 Los Angeles Fire and Police Pensions 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 Los Angeles Fire and Police Pensions employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions?
The purpose of the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.
How can employees of Los Angeles Fire and Police Pensions enroll in the 401k/Savings Plan?
Employees of Los Angeles Fire and Police Pensions can enroll in the 401k/Savings Plan by completing the enrollment form available on the company's intranet or by contacting the HR department for assistance.
What types of contributions can employees make to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Employees at Los Angeles Fire and Police Pensions can make pre-tax contributions, Roth (after-tax) contributions, and possibly employer matching contributions, depending on the plan specifics.
Is there a minimum contribution amount required for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Yes, Los Angeles Fire and Police Pensions may have a minimum contribution amount, typically around 1% of the employee's salary, but employees should check the plan documents for specific details.
What is the maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
The maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions is subject to IRS regulations, which can change annually. Employees should refer to the latest IRS guidelines for the current limits.
Does Los Angeles Fire and Police Pensions offer employer matching contributions for the 401k/Savings Plan?
Yes, Los Angeles Fire and Police Pensions offers employer matching contributions to the 401k/Savings Plan, which can help employees increase their retirement savings.
How often can employees change their contribution amounts to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Employees at Los Angeles Fire and Police Pensions can typically change their contribution amounts at any time, but they should check the plan rules for any specific restrictions.
What investment options are available within the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
The 401k/Savings Plan at Los Angeles Fire and Police Pensions offers a variety of investment options, including mutual funds, target-date funds, and possibly other investment vehicles, depending on the plan.
Can employees take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions?
Yes, employees may be able to take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions, subject to the terms and conditions of the plan.
What happens to the 401k/Savings Plan when an employee leaves Los Angeles Fire and Police Pensions?
When an employee leaves Los Angeles Fire and Police Pensions, they have several options for their 401k/Savings Plan, including rolling it over to an IRA or another qualified plan, cashing it out, or leaving it in the plan if permitted.
-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)