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Most Snap 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 Snap 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 Snap employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Snap offer to its employees?
Snap offers a 401(k) retirement savings plan to its employees.
Does Snap match employee contributions to the 401(k) plan?
Yes, Snap provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the eligibility requirement to participate in Snap's 401(k) plan?
Employees at Snap are eligible to participate in the 401(k) plan after completing a specified period of service.
Can Snap employees choose their own contribution amount to the 401(k) plan?
Yes, Snap employees can choose their own contribution amount, within the limits set by the IRS.
What investment options are available in Snap's 401(k) plan?
Snap's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
How does Snap communicate changes to the 401(k) plan?
Snap communicates changes to the 401(k) plan through official employee communications, emails, and updates on the company intranet.
Is there a vesting schedule for Snap's 401(k) matching contributions?
Yes, Snap has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own the match.
Can Snap employees take loans against their 401(k) savings?
Yes, Snap allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to Snap employees' 401(k) accounts if they leave the company?
If Snap employees leave the company, they can choose to roll over their 401(k) balance to another retirement account or withdraw the funds, subject to tax implications.
Does Snap provide any financial education resources for employees regarding the 401(k) plan?
Yes, Snap offers financial education resources and workshops to help employees understand and maximize their 401(k) savings.
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