Wells Fargo Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Most Wells Fargo 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 Wells Fargo 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 Wells Fargo employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the Wells Fargo 401(k) plan?

The Wells Fargo 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.

How can I enroll in the Wells Fargo 401(k) plan?

Employees can enroll in the Wells Fargo 401(k) plan through the company’s benefits portal during the enrollment period or after they become eligible.

What are the contribution limits for the Wells Fargo 401(k) plan?

For the Wells Fargo 401(k) plan, the contribution limits are set by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limits.

Does Wells Fargo offer a company match for the 401(k) plan?

Yes, Wells Fargo offers a company match for contributions made to the 401(k) plan, which helps employees maximize their retirement savings.

When can I start withdrawing from my Wells Fargo 401(k) plan?

Employees can typically start withdrawing from their Wells Fargo 401(k) plan without penalties at age 59½, but specific rules may apply based on the plan provisions.

Can I take a loan against my Wells Fargo 401(k) plan?

Yes, Wells Fargo allows participants to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan.

What investment options are available in the Wells Fargo 401(k) plan?

The Wells Fargo 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

How often can I change my contributions to the Wells Fargo 401(k) plan?

Employees can change their contribution amounts to the Wells Fargo 401(k) plan at any time, subject to the plan's guidelines and payroll processing timelines.

What happens to my Wells Fargo 401(k) if I leave the company?

If you leave Wells Fargo, you have several options for your 401(k), including leaving the funds in the plan, rolling them over to a new employer’s plan, or transferring them to an IRA.

Is there a vesting schedule for the Wells Fargo 401(k) company match?

Yes, Wells Fargo has a vesting schedule for the company match, meaning that employees must work for a certain period before they fully own the matched contributions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Wells Fargo offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Wells Fargo provides financial education and planning resources to help employees manage their retirement savings.

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