Most Steel Dynamics 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 Steel Dynamics 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 Steel Dynamics employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of the 401(k) plan offered by Steel Dynamics?
The 401(k) plan at Steel Dynamics is designed to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees at Steel Dynamics enroll in the 401(k) plan?
Employees at Steel Dynamics can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
Does Steel Dynamics match employee contributions to the 401(k) plan?
Yes, Steel Dynamics offers a matching contribution to employee 401(k) plans, which helps enhance retirement savings.
What is the maximum contribution limit for Steel Dynamics' 401(k) plan?
The maximum contribution limit for Steel Dynamics' 401(k) plan is aligned with the IRS limits, which may change annually. Employees should check the latest IRS guidelines for the current limit.
Can Steel Dynamics employees choose their investment options within the 401(k) plan?
Yes, employees at Steel Dynamics can choose from a variety of investment options within the 401(k) plan to tailor their retirement savings according to their risk tolerance and investment goals.
What types of investment options are available in Steel Dynamics' 401(k) plan?
Steel Dynamics' 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and possibly company stock.
When can employees at Steel Dynamics start contributing to the 401(k) plan?
Employees at Steel Dynamics can start contributing to the 401(k) plan after completing their eligibility requirements, which are outlined in the plan documents.
Is there a vesting schedule for Steel Dynamics' matching contributions?
Yes, Steel Dynamics has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own the matched funds.
How often can Steel Dynamics employees change their 401(k) contribution amount?
Employees at Steel Dynamics can typically change their 401(k) contribution amount at any time, subject to the plan's specific rules.
What happens to Steel Dynamics employees' 401(k) funds if they leave the company?
If Steel Dynamics employees leave the company, they have several options for their 401(k) funds, including rolling them over to another retirement account, cashing out, or leaving the funds in the Steel Dynamics plan if permitted.
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