Most Netflix 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 Netflix 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 Netflix employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Netflix offer to its employees?
Netflix offers a 401(k) retirement savings plan to its employees.
Does Netflix match employee contributions to the 401(k) plan?
Yes, Netflix provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
What is the maximum employee contribution limit for the Netflix 401(k) plan?
The maximum employee contribution limit for the Netflix 401(k) plan is aligned with IRS guidelines, which can change annually.
Can employees at Netflix choose how their 401(k) contributions are invested?
Yes, employees at Netflix can choose from a variety of investment options for their 401(k) contributions.
Is there a vesting schedule for the 401(k) contributions made by Netflix?
Netflix has a vesting schedule for company contributions, which means employees will earn the right to those contributions over time.
How often can Netflix employees change their 401(k) contribution amounts?
Netflix employees can change their 401(k) contribution amounts at any time, allowing for flexibility in their savings strategy.
What types of accounts are available under the Netflix 401(k) plan?
The Netflix 401(k) plan typically offers traditional and Roth 401(k) accounts for employees to choose from.
Can Netflix employees take loans against their 401(k) savings?
Yes, Netflix allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to my Netflix 401(k) if I leave the company?
If you leave Netflix, you can roll over your 401(k) into another retirement account, cash it out, or leave it in the Netflix plan if eligible.
How does Netflix communicate changes to the 401(k) plan?
Netflix communicates changes to the 401(k) plan through employee newsletters, meetings, and updates on the company intranet.
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