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Healthcare Provider Update: Offers three health insurance plans, vision and dental coverage, and HSA/FSA options. ACA-related planning is advised for employees nearing retirement or evaluating marketplace alternatives Click here to learn more
Most OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by OneMain Holdings?
The 401(k) plan at OneMain Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
Does OneMain Holdings match employee contributions to the 401(k) plan?
Yes, OneMain Holdings offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.
What is the eligibility requirement for OneMain Holdings' 401(k) plan?
Employees of OneMain Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.
How can employees at OneMain Holdings enroll in the 401(k) plan?
Employees can enroll in the OneMain Holdings 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
What types of investment options are available in the OneMain Holdings 401(k) plan?
The OneMain Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.
Can employees at OneMain Holdings take loans against their 401(k) savings?
Yes, OneMain Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.
What happens to my 401(k) savings if I leave OneMain Holdings?
If you leave OneMain Holdings, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out (which may incur penalties), or leaving it in the OneMain Holdings plan if allowed.
Is there a vesting schedule for the company match in the OneMain Holdings 401(k) plan?
Yes, OneMain Holdings has a vesting schedule for the company match, which determines how much of the employer's contributions you own based on your length of service.
How often can employees at OneMain Holdings change their 401(k) contribution amounts?
Employees can change their 401(k) contribution amounts at OneMain Holdings during designated enrollment periods or as allowed by the plan guidelines.
Does OneMain Holdings provide financial education resources for employees regarding the 401(k) plan?
Yes, OneMain Holdings provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
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