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Healthcare Provider Update: Offers medical, dental, vision, disability, and life insurance, along with FSAs and mental health support 5. As ACA costs surge, WeWorks internal coverage and flexible work arrangements may offer better value and stability for employees compared to marketplace options. Click here to learn more
Most WeWork 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 WeWork 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 WeWork employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does WeWork offer to its employees?
WeWork offers a 401(k) retirement plan to help employees save for their future.
Does WeWork match employee contributions to the 401(k) plan?
Yes, WeWork provides a matching contribution to the 401(k) plan, subject to certain limits.
How can WeWork employees enroll in the 401(k) plan?
WeWork employees can enroll in the 401(k) plan through the employee benefits portal or by contacting the HR department for assistance.
What is the eligibility requirement for WeWork employees to participate in the 401(k) plan?
Generally, WeWork employees are eligible to participate in the 401(k) plan after completing a specified period of employment, as outlined in the employee handbook.
Can WeWork employees change their contribution percentage to the 401(k) plan?
Yes, WeWork employees can change their contribution percentage at any time during the year, subject to certain limitations.
What investment options are available in WeWork's 401(k) plan?
WeWork's 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles, allowing employees to choose based on their risk tolerance and retirement goals.
Does WeWork provide financial education resources for employees regarding their 401(k) plan?
Yes, WeWork offers financial education resources and workshops to help employees understand their 401(k) options and make informed decisions.
What happens to my 401(k) plan if I leave WeWork?
If you leave WeWork, you have several options for your 401(k) plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it with WeWork until you reach retirement age.
Are there any fees associated with WeWork's 401(k) plan?
Yes, WeWork's 401(k) plan may have certain administrative fees and investment-related expenses, which are disclosed in the plan documents.
How often can WeWork employees contribute to their 401(k) plan?
WeWork employees can contribute to their 401(k) plan through payroll deductions, which occur with each paycheck.
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