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Most Western Digital 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 Western Digital 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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- 7 Things to Consider Before Leaving Your Company
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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 Western Digital employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Western Digital?
The 401(k) plan at Western Digital is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary before taxes.
Does Western Digital match employee contributions to the 401(k) plan?
Yes, Western Digital offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can I enroll in the Western Digital 401(k) plan?
Employees can enroll in the Western Digital 401(k) plan through the company’s benefits portal during the enrollment period or when they first become eligible.
What are the eligibility requirements for the Western Digital 401(k) plan?
To be eligible for the Western Digital 401(k) plan, employees typically need to meet certain criteria, such as being a full-time employee and completing a specified period of service.
What types of investment options are available in the Western Digital 401(k) plan?
The Western Digital 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can I take a loan against my 401(k) plan with Western Digital?
Yes, Western Digital allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) if I leave Western Digital?
If you leave Western Digital, you can choose to roll over your 401(k) balance to another retirement account, cash out your balance, or leave it in the Western Digital plan if eligible.
How often can I change my contribution amount to the Western Digital 401(k) plan?
Employees can typically change their contribution amount to the Western Digital 401(k) plan during open enrollment periods or as permitted by the plan rules.
Does Western Digital offer financial education resources for 401(k) participants?
Yes, Western Digital provides financial education resources and workshops to help employees make informed decisions about their 401(k) investments.
What is the vesting schedule for Western Digital's 401(k) matching contributions?
The vesting schedule for Western Digital's 401(k) matching contributions may vary, but it generally requires employees to work for a certain number of years before they fully own the matched funds.
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