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Most Splunk 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 Splunk 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 Splunk employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Splunk offer to its employees?
Splunk offers a 401(k) retirement savings plan to help employees save for their future.
Does Splunk match employee contributions to the 401(k) plan?
Yes, Splunk provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the maximum contribution limit for the Splunk 401(k) plan?
The maximum contribution limit for the Splunk 401(k) plan aligns with IRS guidelines, which can change annually.
Can employees at Splunk make pre-tax contributions to their 401(k) plan?
Yes, employees at Splunk can make pre-tax contributions to their 401(k) plan, reducing their taxable income.
Does Splunk offer a Roth 401(k) option for employees?
Yes, Splunk provides a Roth 401(k) option, allowing employees to make after-tax contributions.
When can employees at Splunk start contributing to their 401(k) plan?
Employees at Splunk can start contributing to their 401(k) plan after they meet the eligibility requirements, typically upon hire.
How often can Splunk employees change their 401(k) contribution amounts?
Splunk employees can change their 401(k) contribution amounts during designated enrollment periods or as allowed by the plan.
What investment options are available in Splunk's 401(k) plan?
Splunk's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Are there any fees associated with managing the 401(k) plan at Splunk?
Yes, there may be fees associated with managing the 401(k) plan at Splunk, which are disclosed in the plan documents.
Can Splunk employees take loans against their 401(k) savings?
Yes, Splunk allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
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