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Healthcare Provider Update: Mr. Cooper Group provides market-based health insurance options including medical, dental, and vision coverage. Employees benefit from HSAs, FSAs, paid parental leave, surrogacy support, tuition reimbursement, and a 401(k) match. The company also offers wellness programs and financial planning tools. Mr. Cooper Group Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more
Most Mr. Cooper Group 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 Mr. Cooper Group 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 Mr. Cooper Group employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What retirement savings plan does Mr. Cooper Group offer to its employees?
Mr. Cooper Group offers a 401(k) savings plan to help employees save for retirement.
How does Mr. Cooper Group match employee contributions to the 401(k) plan?
Mr. Cooper Group provides a matching contribution based on the employee’s contributions, up to a certain percentage of their salary.
What is the eligibility requirement to participate in Mr. Cooper Group's 401(k) plan?
Employees of Mr. Cooper Group are generally eligible to participate in the 401(k) plan after completing a specific period of service, typically within their first year of employment.
Can employees of Mr. Cooper Group make pre-tax contributions to their 401(k)?
Yes, employees of Mr. Cooper Group can make pre-tax contributions to their 401(k), which can lower their taxable income.
Does Mr. Cooper Group allow for Roth contributions in its 401(k) plan?
Yes, Mr. Cooper Group offers the option for employees to make Roth contributions to their 401(k) plan.
What investment options are available in Mr. Cooper Group's 401(k) plan?
Mr. Cooper Group provides a variety of investment options in its 401(k) plan, including mutual funds and target-date funds.
How can employees of Mr. Cooper Group access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by Mr. Cooper Group’s plan administrator.
Is there a vesting schedule for the matching contributions at Mr. Cooper Group?
Yes, Mr. Cooper Group has a vesting schedule for matching contributions, which determines when employees fully own those contributions.
What is the maximum contribution limit for the 401(k) plan at Mr. Cooper Group?
The maximum contribution limit for the 401(k) plan at Mr. Cooper Group is in accordance with IRS guidelines, which can change annually.
Can employees of Mr. Cooper Group take loans against their 401(k) savings?
Yes, Mr. Cooper Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
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