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
Most ScanSource 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 ScanSource 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
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 ScanSource employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
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.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)