<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Learn More

ScanSource Employees: Navigating the Rising Costs of College Tuition for Your Family

image-table

Healthcare Provider Update: ScanSource offers medical, dental, and vision insurance to its employees, along with access to Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Mental Health Benefits. Additional perks include paid time off, tuition assistance, and flexible work arrangements 1. As ACA premiums are projected to rise by 1518% in 2026, ScanSources employer-sponsored coverage may offer more financial stability compared to marketplace plans. With enhanced subsidies set to expire, employees relying on ACA alternatives could face out-of-pocket increases exceeding 75%. Click here to learn more

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 ScanSource 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 ScanSource 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 ScanSource employees who already put money away for college, the worksheet will take that amount into consideration. For ScanSource 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 ScanSource employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

Loading...


www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

Estimating the Cost of College

What is the 401(k) plan offered by ScanSource?

The 401(k) plan offered by ScanSource is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How does ScanSource match employee contributions to the 401(k) plan?

ScanSource provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions, up to a certain limit.

When can employees at ScanSource start contributing to the 401(k) plan?

Employees at ScanSource can start contributing to the 401(k) plan after completing their initial eligibility period, which is usually outlined in the employee handbook.

Does ScanSource offer a Roth 401(k) option?

Yes, ScanSource offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What investment options are available in ScanSource's 401(k) plan?

ScanSource's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How can employees at ScanSource access their 401(k) account information?

Employees at ScanSource can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.

What is the vesting schedule for ScanSource's 401(k) matching contributions?

The vesting schedule for ScanSource's 401(k) matching contributions typically follows a graded schedule, meaning employees earn ownership of the match over time.

Can employees at ScanSource take loans against their 401(k) savings?

Yes, ScanSource allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan.

What are the withdrawal options available in ScanSource's 401(k) plan?

ScanSource's 401(k) plan may allow for various withdrawal options, including hardship withdrawals, loans, and distributions upon retirement or termination of employment.

Is there an annual limit on contributions to ScanSource's 401(k) plan?

Yes, there is an annual limit on contributions to ScanSource's 401(k) plan, which is set by the IRS and may change annually.

New call-to-action

Additional Articles

Check Out Articles for ScanSource employees

Loading...

For more information you can reach the plan administrator for ScanSource at , ; or by calling them at .

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for ScanSource employees