Short Term Advance Program

Short Term Advance Basics

(Terms and Conditions)

Are you short of funds to buy textbooks?  Do you need emergency funds because of unanticipated living expenses?  Apply for the Short Term Advance online?

The Short Term Advance is a University monetary advance available to assist degree-seeking students enrolled at least half-time with:

  • Purchasing textbooks
  • Emergency funds relating to educational expenses
  • Unanticipated living expenses

Keep in mind that the Short Term Advance is NOT a source of funding to assist with paying your tuition and other related fees at FAU or transient student enrollment at another college/university. Students may borrow up to $750.00 . In addition, a $7.50 non-refundable processing fee will be assessed. 

The Short Term Advance application works best with the Internet Explorer browser. 

Make sure to enter your correct Z number on the application. Funds will be direct deposited in student's bank account within 2-3 BUSINESS DAYS after it has been processed/approved. Click here to view instructions on how to setup up direct deposit.

When is the Short Term Advance Available?

The SPRING 2015 Short Term Advance application will be available online via MyyFAU (Money Matters tab) on December 19, 2014

NOTE:  College of Medicine students will need to contact the Associate Director of Financial Aid in the College of Medicine (Ellen Gomes:  gomese@health.fau.edu).

When will the Short Term Advance Process & Disburse?

The first disbursement of the Short Term Advance will occur approximately at least three (3) BUSINESS days before the start of each semester(if the student meets all eligibility criteria).  Disbursements will run daily.
  • If you are a financial aid recipient and meet ALL eligibility requirements , when financial aid disburses (after the drop/add deadline), the Short Term Advance is applied toward University debts (i.e. tuition and other related fees). Any remaining balance is then refunded to the student.
  • If you are NOT a financial aid recipient - all eligibility requirements must be met.  The Short Term Advance must be repaid within 45 calendar days after is has disbursed or before the end of the current semester, whichever comes first. 

Students must also complete the Direct Deposit online form prior to applying.  This form is located on MyFAU under the Money Matters tab. If the student meets ALL eligibility requirements , they will receive the funds before the first day of classes. Funds will be direct deposited into the student’s existing bank account.

In consideration of approval of the application and receipt of funds, the student promises to pay the FAU Cashier's Office the principal sum amount borrowed plus a non-refundable charge of $7.50 on or before FORTY FIVE CALENDAR DAYS from date funds are disbursed, or upon receipt of financial aid funds, or upon cancellation of financial aid funds, or the last day of the semester, whichever comes first.

Enrollment

Students:

  • must be degree-seeking
  • must be enrolled at least half-time
  • must not have a previous A/R balance with FAU
  • must have at least a 2.0 GPA for undergraduate students and a 3.0 GPA for graduate students
  • must be at least 18 years of age

NOTE :  If student is under 18 years of age, please download the Parental Short Term Advance Application and submit to the Office of Student Financial Aid.  In addition, the student must also setup direct deposit online.  

NOTE :  If enrolled as an Outgoing Consortium student, please download the Outgoing Consortium Short Term Advance Application and submit to the Office of Student Financial Aid.  In addition, the student must also setup direct deposit online.

SUMMER TERM IMPORTANT NOTICE regarding the Half-Time Enrollment requirement (6 or more credits for Undergraduate and 3 or more credits for Graduate students) If your half-time enrollment is based ONLY on Summer term 3 registered hours, the Short Term Advance will NOT disburse until AFTER the drop/add deadline of Summer term 3. Otherwise, if you are registered in any combination of Summer terms 1, 2, and 3 for the minimum half-time enrollment required, your advance may disburse as soon as you are registered in enough hours to meet that requirement.



How to Access Online Application

To access the online Short Term Advance Application:

  • Log on to MyFAU
  • Click on the "Money Matters!" tab
  • Click on the "Short Term Advance Application" link

What is my Short Term Advance Status:

To determine if your Short Term Advance has been received/approved:

  • Log on to MyFAU
  • >Click on the "Money Matters!" tab
  • Click on the  "View My Financial Aid Information" link
  • Click on the  "Short Term Advance Status" link  (For Information Purposes ONLY)

IMPORTANT NOTICE:

If your financial aid has completely disbursed for the current semester, and you request a Short Term Advance AFTER all aid has paid out, you will need to repay the Short Term Advance funds from your personal funds; otherwise, you will NOT be able to register for future semesters.

If your Short Term Advance was not initially APPROVED, your application will remain ACTIVE until it is disbursed or cancelled by the student. If you would like to CANCEL your Short Term Advance, please submit an award revision request form to this Office or an email to Theresia Lau (tlau2@fau.edu) stating this reason at your earliest convenience.  Keep in mind that if you DO NOT cancel the short term advance before meeting requirements or your financial aid disburses (for those students who had a previous A/R balance), you will have a balance on your student account in the amount of the Short Term Advance that you requested, in addition to the $7.50 processing fee.  However, if the funds are disbursed, you may withdraw the funds from your bank account and make a payment at the Cashier’s Office or online via Self-Service for the amount of the Short Term Advance plus processing fee.

 

 Last Modified 12/10/14