FAQs for Students
  1. Need a checking account?
  2. Need financial assistance for education after high school?
  3. What’s the difference between a debit card and a credit card?
  4. Need a debit card?
  5. Need a credit card?
Answer: We recommend our Convenient Checking account. There is no minimum balance required to maintain this account and only $25 is needed to open it. With the STC CheckCard, you can access your funds from an ATM or use the card to pay for purchases anywhere MasterCard is displayed.
 
Answer: Somerset Trust Company can give you information and applications for the PHEAA (Pennsylvania Higher Education Assistance Agency) Stafford Loan and Parent Plus Loan programs. PHEAA has developed Online Account Access. With Online Account Access, student and parent customers of the Student Loan Servicing Center and Graduate Loan Center are able to access their student loan data via the Internet.
Go to PHEAA.org to learn more about student loan programs, request an application for financial aid or check on the status of an existing PHEAA financial aid application.
 
Answer: Generally speaking, both cards display either the MasterCard or VISA logo. The difference is that the debit card is tied to a checking account and the credit card is tied to a line of credit or loan.
 
For the debit card, it doesn’t matter whether or not you press debit or credit on the card swipe machine, the amount comes out of your checking account. So…the money must be in your account before you can spend it using the debit card.
 
If you use a credit card, you are actually advancing or borrowing money from a pre-approved line of credit or loan. For instance, you may have applied for and received a credit card with a $500 limit. If you have already used the credit card to buy $450 worth of merchandise or services, you only have $50 available on the card. Each month you’re required to make a minimum payment amount of principal and interest on the credit card. Each time you pay the card down, you’ll have the money available to use again. It is important to pay your bill on time and pay at least the required minimum payment each month. Otherwise, you’ll affect your credit rating negatively which could have an impact later on if you want to purchase a large dollar item – like a car or house.
 
Answer: Instead of using old fashioned paper checks, the STC CheckCard is more convenient than checks and safer than cash.
 
Answer: MasterCard or VISA – A credit card at Somerset Trust Company offers you buying power for your books and emergency expenses. They also give you the advantage of dealing with a local financial institution--an important service for your first credit card. If you have an inquiry about your account, you may speak directly with the person responsible for your account. That's because our operation is still based in Somerset, PA offering personal service to our customers.