Healthcare Provider Update: Offers medical plans through Anthem Blue Cross Blue Shield, including PPO and HDHP options with HSA contributions 3. As ACA subsidies phase out, PPLs flexible plan structures and wellness incentives provide financial protection against rising marketplace premiums. Click here to learn more
Most PPL 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 PPL 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 PPL employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does PPL offer to its employees?
PPL offers a 401(k) retirement savings plan to its employees.
How can PPL employees enroll in the 401(k) plan?
PPL employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the employer match policy for PPL's 401(k) plan?
PPL matches employee contributions up to a certain percentage, which is detailed in the plan documents provided to employees.
Are there any eligibility requirements for PPL employees to participate in the 401(k) plan?
Yes, PPL employees must meet specific eligibility criteria, such as length of service, as outlined in the plan documents.
What investment options are available in PPL's 401(k) plan?
PPL offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.
Can PPL employees take loans against their 401(k) savings?
Yes, PPL allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What is the vesting schedule for PPL's 401(k) employer contributions?
PPL has a vesting schedule for employer contributions, which means employees earn rights to those contributions over time based on their years of service.
How often can PPL employees change their contribution amounts to the 401(k) plan?
PPL employees can change their contribution amounts at designated times throughout the year, typically during open enrollment periods.
What happens to my PPL 401(k) if I leave the company?
If you leave PPL, you have several options for your 401(k), including cashing it out, rolling it over to another retirement account, or leaving it with PPL.
Does PPL provide educational resources about the 401(k) plan?
Yes, PPL provides educational resources and workshops to help employees understand their 401(k) options and investment strategies.
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