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

Schnitzer Steel Industries Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Offers medical, dental, vision, life, and disability insurance, along with a 401(k) retirement plan and paid time off 1. Employees also have access to FSAs and wellness programs. As ACA premiums are projected to rise sharply in 2026with some states seeing increases over 60%Schnitzer Steel is expected to adjust its benefit structures. This may include higher deductibles, coinsurance, or out-of-pocket maximums, making it essential for employees to review their options and optimize HSA/FSA contributions to offset rising costs 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 Schnitzer Steel Industries 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 Schnitzer Steel Industries 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 Schnitzer Steel Industries employees who already put money away for college, the worksheet will take that amount into consideration. For Schnitzer Steel Industries 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 Schnitzer Steel Industries employees to consider reviewing:

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