Personal Banking

At First Commonwealth, we offer two general types of education loans - loans that are guaranteed by the Federal Government and Private (or Alternative) loans.

Federal Education Loans

Subsidized Federal Stafford Loan

• You pay no interest on this loan while you're in school
• During this period, the interest is paid by the federal government
• To qualify you must demonstrate "Financial Need"

Unsubsidized Federal Stafford Loan

• You are responsible for all the interest from the date the loan is disbursed
• The amount of the loan is limited to the cost of your education minus your other financial aid
• Expected family contribution is not considered in determining the amount of this type of loan

Federal PLUS Loan

• This type of loan is taken out by the parents or guardian of the student
• The amount of the loan is intended to pay the difference between the cost of the student's education minus other financial aid

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