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Healthcare Provider Update: Provides medical, dental, vision, fertility assistance, FSAs/HSAs, and mental health support, plus generous parental leave and wellness stipends 8. With ACA subsidies set to expire, Lyfts benefits package offers strong protection against rising healthcare costs, especially for employees with dependents or chronic care needs. Click here to learn more
Most Lyft 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 Lyft 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 Lyft employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Lyft offer to its employees?
Lyft offers a 401(k) retirement savings plan to help employees save for their future.
Does Lyft match employee contributions to the 401(k) plan?
Yes, Lyft provides a company match for employee contributions to the 401(k) plan, helping to enhance their retirement savings.
What is the eligibility requirement for Lyft employees to participate in the 401(k) plan?
Lyft employees are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.
Can Lyft employees choose how much to contribute to their 401(k)?
Yes, Lyft employees can choose their contribution amount, up to the IRS annual contribution limits.
What investment options are available in Lyft's 401(k) plan?
Lyft's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.
How often can Lyft employees change their 401(k) contribution amounts?
Lyft employees can change their 401(k) contribution amounts at regular intervals, typically on a quarterly basis or as specified by the plan.
Is there a vesting schedule for the company match in Lyft's 401(k) plan?
Yes, Lyft has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
Can Lyft employees take loans against their 401(k) savings?
Yes, Lyft allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) if I leave Lyft?
If you leave Lyft, you have several options for your 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (though this may incur taxes and penalties).
How can Lyft employees access their 401(k) account information?
Lyft employees can access their 401(k) account information through the designated online portal or by contacting the plan administrator.
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