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Healthcare Provider Update: Offers competitive medical, dental, vision, and prescription plans, plus HSAs, FSAs, and telehealth services 3. With ACA premiums projected to rise 1518%, Ryersons internal plans may help employees avoid the financial strain of marketplace coverage. Click here to learn more
Most Ryerson Holding 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 Ryerson Holding 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 Ryerson Holding employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Ryerson Holding offer to its employees?
Ryerson Holding offers a 401(k) retirement savings plan to help employees save for their future.
Does Ryerson Holding match employee contributions to the 401(k) plan?
Yes, Ryerson Holding provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for Ryerson Holding employees to participate in the 401(k) plan?
Employees of Ryerson Holding are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
How can Ryerson Holding employees enroll in the 401(k) plan?
Ryerson Holding employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What types of investment options are available in Ryerson Holding's 401(k) plan?
Ryerson Holding's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can Ryerson Holding employees change their contribution percentage to the 401(k) plan?
Yes, employees at Ryerson Holding can change their contribution percentage at any time, subject to the plan's guidelines.
Is there a vesting schedule for Ryerson Holding's 401(k) matching contributions?
Yes, Ryerson Holding has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the matched funds.
How often can Ryerson Holding employees make changes to their investment choices within the 401(k) plan?
Ryerson Holding employees can typically make changes to their investment choices on a quarterly basis or as specified in the plan documents.
What resources does Ryerson Holding provide to help employees manage their 401(k) accounts?
Ryerson Holding provides access to financial advisors, online tools, and educational materials to help employees manage their 401(k) accounts effectively.
Are there any fees associated with Ryerson Holding's 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with Ryerson Holding's 401(k) plan, which are disclosed in the plan documents.
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