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NetApp Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

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Most NetApp 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 NetApp 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 NetApp employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement savings plan does NetApp offer to its employees?

NetApp offers a 401(k) savings plan to help employees save for retirement.

Does NetApp match employee contributions to the 401(k) plan?

Yes, NetApp provides a matching contribution to employees who participate in the 401(k) plan, enhancing their retirement savings.

What is the maximum contribution limit for the NetApp 401(k) plan?

The maximum contribution limit for the NetApp 401(k) plan follows the IRS guidelines, which can change annually. Employees should check the latest limits for the current year.

Can employees at NetApp choose how their 401(k) contributions are invested?

Yes, employees at NetApp can choose from a variety of investment options within the 401(k) plan to tailor their savings according to their risk tolerance and retirement goals.

When can employees at NetApp start contributing to their 401(k) plan?

Employees at NetApp can typically start contributing to their 401(k) plan after completing their initial eligibility period, which is outlined in the plan documents.

Does NetApp allow employees to take loans from their 401(k) accounts?

Yes, NetApp's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions.

What happens to my 401(k) savings if I leave NetApp?

If you leave NetApp, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the NetApp plan if allowed.

Is there a vesting schedule for NetApp's 401(k) matching contributions?

Yes, NetApp has a vesting schedule for its matching contributions, which means employees must work for the company for a certain period before they fully own the matched funds.

Can employees at NetApp change their contribution percentage to the 401(k) plan?

Yes, employees at NetApp can change their contribution percentage at any time, subject to the plan's guidelines.

Are there any fees associated with NetApp's 401(k) plan?

Yes, like most 401(k) plans, NetApp's plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.