Healthcare Provider Update: Offers medical, dental, vision, life, and disability insurance, plus HSAs, on-site wellness programs, and generous PTO 3. As ACA premiums surge, Xilinxs benefitsincluding low copays and employer contributionshelp employees manage healthcare costs more effectively. Click here to learn more
Most Xilinx 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 Xilinx 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 Xilinx employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Xilinx?
The 401(k) plan offered by Xilinx is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does Xilinx match contributions to the 401(k) plan?
Yes, Xilinx offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the maximum contribution limit for Xilinx's 401(k) plan?
The maximum contribution limit for Xilinx's 401(k) plan is subject to IRS regulations, which can change annually. Employees should check the latest guidelines for the specific limit.
Can employees at Xilinx choose how their 401(k) funds are invested?
Yes, employees at Xilinx can choose from a variety of investment options within the 401(k) plan to align with their financial goals.
When can Xilinx employees start contributing to the 401(k) plan?
Xilinx employees can typically start contributing to the 401(k) plan after completing a specified period of employment, often within the first few months.
What types of contributions can Xilinx employees make to their 401(k) plan?
Employees at Xilinx can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.
Is there a vesting schedule for the employer match in Xilinx's 401(k) plan?
Yes, Xilinx has a vesting schedule for the employer match, which means employees must work for a certain period before they fully own the matched funds.
How can Xilinx employees access their 401(k) account information?
Xilinx employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.
What happens to my 401(k) account if I leave Xilinx?
If you leave Xilinx, you have several options for your 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the Xilinx plan if eligible.
Are there any fees associated with Xilinx's 401(k) plan?
Yes, there may be administrative fees associated with Xilinx's 401(k) plan, which are disclosed in the plan documents provided to employees.
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