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Healthcare Provider Update: Provides a bundled welfare benefits plan including HDHP options with HSA eligibility, dental, vision, and mental health support 6. As ACA premiums increase, NortonLifeLocks structured benefits plan offers a stable and tax-efficient alternative to marketplace volatility. Click here to learn more
Most NortonLifeLock 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 NortonLifeLock 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 NortonLifeLock employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by NortonLifeLock?
The 401(k) plan at NortonLifeLock is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does NortonLifeLock offer a matching contribution for the 401(k) plan?
Yes, NortonLifeLock offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
How can I enroll in the 401(k) plan at NortonLifeLock?
Employees can enroll in the NortonLifeLock 401(k) plan through the company’s HR portal during the enrollment period or after a qualifying event.
What are the eligibility requirements for the 401(k) plan at NortonLifeLock?
To be eligible for the NortonLifeLock 401(k) plan, employees typically need to be full-time employees and meet a minimum service requirement.
Can I change my contribution rate for the NortonLifeLock 401(k) plan?
Yes, employees can change their contribution rate for the NortonLifeLock 401(k) plan at any time, subject to plan rules.
What investment options are available in the NortonLifeLock 401(k) plan?
The NortonLifeLock 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the NortonLifeLock 401(k) matching contributions?
Yes, NortonLifeLock has a vesting schedule for matching contributions, which determines how much of the employer contributions you own based on your years of service.
How can I access my 401(k) account information at NortonLifeLock?
Employees can access their 401(k) account information through the NortonLifeLock benefits portal or by contacting the plan administrator.
What happens to my NortonLifeLock 401(k) if I leave the company?
If you leave NortonLifeLock, you can choose to roll over your 401(k) balance to another qualified plan, cash it out, or leave it in the NortonLifeLock plan if eligible.
Are loans available from the NortonLifeLock 401(k) plan?
Yes, employees may have the option to take loans from their NortonLifeLock 401(k) plan, subject to specific terms and conditions.
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