Healthcare Provider Update: Provides health insurance, dental, vision, and mental health benefits, along with FSAs and HSAs8. With ACA costs projected to rise sharply, Opendoors internal plans may offer more consistent and affordable coverage for employees. Click here to learn more
Most Opendoor Technologies 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 Opendoor Technologies 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 Opendoor Technologies employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Opendoor Technologies?
The 401(k) plan at Opendoor Technologies is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does Opendoor Technologies match employee contributions to the 401(k) plan?
Yes, Opendoor Technologies offers a company match on employee contributions to the 401(k) plan, which helps employees save more for retirement.
What is the eligibility requirement for Opendoor Technologies' 401(k) plan?
Employees at Opendoor Technologies are typically eligible to participate in the 401(k) plan after completing a certain period of employment, usually within the first year.
How can employees at Opendoor Technologies enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan at Opendoor Technologies by accessing the benefits portal or contacting the HR department for assistance.
What types of investment options are available in Opendoor Technologies' 401(k) plan?
The 401(k) plan at Opendoor Technologies offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Can employees at Opendoor Technologies take loans against their 401(k) savings?
Yes, Opendoor Technologies allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What is the vesting schedule for the company match at Opendoor Technologies?
The vesting schedule for the company match at Opendoor Technologies typically follows a graded schedule, meaning employees earn ownership of the match over a period of time.
Are there any fees associated with Opendoor Technologies' 401(k) plan?
Yes, there may be administrative fees associated with the 401(k) plan at Opendoor Technologies, which are disclosed in the plan documents provided to employees.
What is the maximum contribution limit for the 401(k) plan at Opendoor Technologies?
The maximum contribution limit for the 401(k) plan at Opendoor Technologies is in line with IRS guidelines, which are updated annually.
Can employees at Opendoor Technologies change their contribution percentage at any time?
Yes, employees can change their contribution percentage to the 401(k) plan at Opendoor Technologies at any time, typically through the benefits portal.
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