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Healthcare Provider Update: Pinterest provides health insurance through Blue Cross Blue Shield or Kaiser, with employer HSA contributions and fertility benefits 4. With ACA costs rising, Pinterests self-funded model and strategic partnerships help maintain affordability and employee satisfaction. Click here to learn more
Most Pinterest 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 Pinterest 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 Pinterest employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Pinterest offer to its employees?
Pinterest offers a 401(k) retirement savings plan to help employees save for their future.
Does Pinterest match employee contributions to the 401(k) plan?
Yes, Pinterest provides a matching contribution to employee 401(k) plans, which enhances the overall savings potential.
What is the eligibility requirement for Pinterest employees to participate in the 401(k) plan?
Employees at Pinterest are eligible to participate in the 401(k) plan after completing a specified period of employment, typically within the first year.
Can Pinterest employees choose how to invest their 401(k) contributions?
Yes, Pinterest employees can select from a variety of investment options available within the 401(k) plan.
How often can Pinterest employees change their 401(k) contribution amounts?
Pinterest employees can change their contribution amounts at any time, allowing for flexibility in their savings.
What is the contribution limit for Pinterest employees participating in the 401(k) plan?
The contribution limit for Pinterest employees is in accordance with IRS regulations, which may change annually.
Does Pinterest provide financial education resources for employees regarding their 401(k) plans?
Yes, Pinterest offers financial education resources and tools to help employees make informed decisions about their 401(k) savings.
Can Pinterest employees take loans against their 401(k) savings?
Yes, Pinterest allows employees to take loans against their 401(k) savings under certain conditions.
What happens to a Pinterest employee's 401(k) if they leave the company?
If a Pinterest employee leaves the company, they can roll over their 401(k) into another retirement account or withdraw the funds, subject to applicable taxes and penalties.
Is there a vesting schedule for Pinterest's 401(k) matching contributions?
Yes, Pinterest has a vesting schedule for its matching contributions, meaning employees must work for a certain period to fully own those contributions.
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