It doesn’t take a degree in finance to see the cost of college continues to rise.
In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.
For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Sally Beauty Holdings clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.
For Sally Beauty Holdings employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.
For Sally Beauty Holdings employees who already put money away for college, the worksheet will take that amount into consideration. For Sally Beauty Holdings employees who haven’t, it’s never too late to start.
Resources
There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Sally Beauty Holdings employees to consider reviewing:
www.studentaid.ed.gov
The government’s college and financial aid portal.
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www.collegeboard.org
The group that administers the SAT test.
Estimating the Cost of College
What is the 401(k) plan offered by Sally Beauty Holdings?
The 401(k) plan offered by Sally Beauty Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
How can employees of Sally Beauty Holdings enroll in the 401(k) plan?
Employees of Sally Beauty Holdings can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Sally Beauty Holdings offer a company match for the 401(k) contributions?
Yes, Sally Beauty Holdings offers a company match for employee contributions to the 401(k) plan, which helps employees save more for retirement.
What is the maximum contribution limit for the 401(k) plan at Sally Beauty Holdings?
The maximum contribution limit for the 401(k) plan at Sally Beauty Holdings is in accordance with IRS guidelines, which can change annually.
Can employees of Sally Beauty Holdings take loans against their 401(k) savings?
Yes, employees of Sally Beauty Holdings may have the option to take loans against their 401(k) savings, subject to certain terms and conditions.
What investment options are available in the Sally Beauty Holdings 401(k) plan?
The Sally Beauty Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amounts to the Sally Beauty Holdings 401(k) plan?
Employees of Sally Beauty Holdings can change their contribution amounts to the 401(k) plan at any time, subject to the plan’s guidelines.
What happens to the 401(k) savings if an employee leaves Sally Beauty Holdings?
If an employee leaves Sally Beauty Holdings, they can roll over their 401(k) savings into another retirement account, cash out, or leave the funds in the plan if allowed.
Is there a vesting schedule for the company match in the Sally Beauty Holdings 401(k) plan?
Yes, there is a vesting schedule for the company match in the Sally Beauty Holdings 401(k) plan, which determines when employees fully own the matched contributions.
How can employees of Sally Beauty Holdings check their 401(k) account balance?
Employees of Sally Beauty Holdings can check their 401(k) account balance by logging into the plan’s online portal or by contacting the plan administrator.
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