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Healthcare Provider Update: Offers comprehensive health insurance, unlimited PTO, dependent care support, and wellness programs. Benefits include maternity/paternity leave and adoption assistance 5. With ACA premiums projected to rise by 1518%, McAfees robust benefits may help employees avoid marketplace volatility and maintain consistent coverage. Click here to learn more
Most McAfee 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 McAfee 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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- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 McAfee employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by McAfee?
The 401(k) plan offered by McAfee is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in McAfee's 401(k) plan?
Employees can enroll in McAfee's 401(k) plan through the company’s HR portal during the open enrollment period or upon starting employment.
Does McAfee match contributions to the 401(k) plan?
Yes, McAfee offers a company match on employee contributions to the 401(k) plan, which enhances your retirement savings.
What is the maximum contribution limit for McAfee's 401(k) plan?
The maximum contribution limit for McAfee's 401(k) plan is in accordance with IRS guidelines, which may change annually.
Can I change my contribution rate to McAfee's 401(k) plan?
Yes, employees can change their contribution rate to McAfee's 401(k) plan at any time through the HR portal.
What investment options are available in McAfee's 401(k) plan?
McAfee's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
When can I access my funds in McAfee's 401(k) plan?
Employees can access their funds in McAfee's 401(k) plan upon reaching retirement age, or under certain circumstances such as financial hardship.
Is there a vesting schedule for McAfee's 401(k) plan?
Yes, McAfee has a vesting schedule for company contributions, meaning employees must work for a certain period to fully own the employer match.
Can I take a loan from my 401(k) plan at McAfee?
Yes, McAfee allows employees to take loans from their 401(k) plan, subject to specific terms and conditions.
What happens to my 401(k) plan if I leave McAfee?
If you leave McAfee, you can choose to roll over your 401(k) balance to another retirement account, leave it with McAfee, or cash it out.
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