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Healthcare Provider Update: Offers PPO and HDHP plans via Collective Health and Blue Shield of California, with additional options through Kaiser Permanente 10. As ACA subsidies phase out, Pures flexible plan options and employer HSA contributions provide financial protection against rising premiums. Click here to learn more
Most Pure Storage 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 Pure Storage 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 Pure Storage employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Pure Storage offer to its employees?
Pure Storage offers a 401(k) retirement savings plan to help employees save for their future.
Does Pure Storage match employee contributions to the 401(k) plan?
Yes, Pure Storage provides a matching contribution to the 401(k) plan, which enhances employees' retirement savings.
What is the eligibility criteria for Pure Storage employees to participate in the 401(k) plan?
Most employees at Pure Storage are eligible to participate in the 401(k) plan after completing a specified period of employment.
Can employees at Pure Storage choose how to invest their 401(k) contributions?
Yes, employees at Pure Storage can choose from a variety of investment options within the 401(k) plan.
What is the maximum contribution limit for the Pure Storage 401(k) plan?
The maximum contribution limit for the Pure Storage 401(k) plan is in line with IRS guidelines, which may change annually.
Does Pure Storage allow employees to take loans against their 401(k) savings?
Yes, Pure Storage allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What happens to my 401(k) balance if I leave Pure Storage?
If you leave Pure Storage, you can choose to roll over your 401(k) balance to another retirement account or withdraw it, subject to applicable taxes and penalties.
Is there a vesting schedule for the employer match in Pure Storage's 401(k) plan?
Yes, Pure Storage has a vesting schedule for the employer match, which means employees must work for a certain period to fully own the matched funds.
Can Pure Storage employees change their contribution percentage to the 401(k) plan?
Yes, employees at Pure Storage can change their contribution percentage at any time, subject to plan rules.
How often can employees at Pure Storage make changes to their investment allocations in the 401(k) plan?
Employees at Pure Storage can typically make changes to their investment allocations on a regular basis, often daily or monthly, depending on the plan provisions.
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