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Healthcare Provider Update: Offers health insurance with multiple plan options including HSA, PPO, EPO, and HMO, plus dental, vision, mental health, and transgender care benefits 3. As ACA subsidies phase out, Teradynes diverse plan offerings and wellness programs help employees manage healthcare costs and maintain coverage stability. Click here to learn more
Most Teradyne 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 Teradyne 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 Teradyne employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is Teradyne's 401(k) plan?
Teradyne's 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How does Teradyne match employee contributions to the 401(k) plan?
Teradyne offers a company match on employee contributions, typically matching a percentage of the employee's contributions up to a certain limit.
What are the eligibility requirements for Teradyne's 401(k) plan?
Employees of Teradyne are generally eligible to participate in the 401(k) plan after completing a specific period of service, usually within the first year of employment.
Can Teradyne employees change their contribution amounts to the 401(k) plan?
Yes, Teradyne employees can change their contribution amounts to the 401(k) plan at designated times throughout the year.
What investment options are available in Teradyne's 401(k) plan?
Teradyne's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and company stock.
When can Teradyne employees start withdrawing from their 401(k) plan?
Teradyne employees can generally start withdrawing from their 401(k) plan without penalties at age 59½, although specific rules apply.
Does Teradyne offer a loan option through its 401(k) plan?
Yes, Teradyne allows employees to take loans against their 401(k) balances under certain conditions.
How can Teradyne employees access their 401(k) account information?
Teradyne employees can access their 401(k) account information through the company’s benefits portal or by contacting the plan administrator.
What happens to my Teradyne 401(k) if I leave the company?
If you leave Teradyne, you have several options for your 401(k), including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out (subject to taxes and penalties).
Are there any fees associated with Teradyne's 401(k) plan?
Yes, there may be administrative fees and investment fees associated with Teradyne's 401(k) plan, which are disclosed in the plan documents.
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