Worthington Industries Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

BBB Update

Key individual tax changes from Trump's 'big beautiful' bill
Current law vs. final legislation

Current law	Final legislation
Standard deduction
$15,000 single; $30,000 married filing jointly for 2025	$15,750 single; $31,500 married filing jointly for 2025
'Bonus' deduction for older adults
$1,600 for age 65 and older for 2025; $2,000 unmarried / not surviving spouse for 2025	$7,600 for age 65 and older; $8,000 for unmarried / not surviving spouse; both from 2025 through 2028
State and local tax deduction (SALT)
$10,000 limit through 2025	$40,000 limit for 2025; increases by 1% through 2029; reverts to $10,000 in 2030
Child tax credit
Max credit of $2,000 per child through 2025; refundable portion $1,700 for 2025	Max credit of $2,200 per child; refundable portion $1,700 for 2025
Estate and gift tax exemption
$13.99 million single; $27.98 million married filing jointly for 2025	$15 million single; $30 million married filing jointly for 2026
Tax on tips
N/A	Deduct up to $25,000 per year from 2025 though 2028
Overtime pay
N/A	Deduct up to $12,500 per taxpayer from 2025 through 2028
Auto loan interest
N/A	Deduct up to $12,500 per taxpayer from 2025 through 2028
Auto loan interest
N/A	Deduct up to $10,000 of annual interest on new loans from 2025 through 2028
Trump Accounts for child savings
N/A	One-time $1,000 credit to account per child born between 2025 through 2028
Charitable deduction for non-itemizers
N/A after 2021	$1,000 single; $2,000 married filing jointly; permanent after 2025

Source: CNBC

Most Worthington Industries 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 Worthington Industries 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 Worthington Industries employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement plan does Worthington Industries offer to its employees?

Worthington Industries offers a 401(k) retirement savings plan to help employees save for retirement.

Is participation in the 401(k) plan at Worthington Industries mandatory?

No, participation in the 401(k) plan at Worthington Industries is voluntary; employees can choose whether or not to enroll.

What is the employer match for the 401(k) plan at Worthington Industries?

Worthington Industries offers a competitive employer match for its 401(k) plan, typically matching a percentage of employee contributions, subject to specific limits.

How can employees at Worthington Industries enroll in the 401(k) plan?

Employees can enroll in the 401(k) plan at Worthington Industries by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What investment options are available in Worthington Industries' 401(k) plan?

Worthington Industries provides a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can employees at Worthington Industries change their contribution percentage to the 401(k) plan?

Yes, employees at Worthington Industries can change their contribution percentage to the 401(k) plan at any time, typically through the HR portal.

What is the vesting schedule for employer contributions in the Worthington Industries 401(k) plan?

The vesting schedule for employer contributions in the Worthington Industries 401(k) plan may vary, but generally, employees become fully vested after a certain number of years of service.

Does Worthington Industries offer any financial education resources for employees regarding the 401(k) plan?

Yes, Worthington Industries provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

At what age can employees at Worthington Industries start withdrawing from their 401(k) plan without penalties?

Employees at Worthington Industries can generally start withdrawing from their 401(k) plan without penalties at age 59½, subject to specific IRS regulations.

Are there loans available against the 401(k) plan at Worthington Industries?

Yes, Worthington Industries may allow employees to take loans against their 401(k) plan balance, subject to the plan's specific terms and conditions.

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For more information you can reach the plan administrator for Worthington Industries at 200 West Old Wilson Bridge Rd. Columbus, OH 43085; or by calling them at 800-944-2255.