Short Term Advance FAQs
| Q: | What is a Short Term Advance? |
| A: | The Short Term Advance is a University monetary advance available to |
| assist degree-seeking students enrolled at least half-time with: | |
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| Q: | What are the eligibility requirements for receiving a Short Term Advance? |
| A : | Students must: |
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| Q: | Where is the Short Term Advance located? |
| A : | The Short Term Advance is located on the Money Matters! tab of |
| MyFAU. | |
| Q: | When is the Short Term Advance available? |
| A : | The Short Term Advance is available two weeks prior to the |
| beginning of each semester. The online application will close approximately one month after classes begin. Students who have not initially received a short term advance after the online application has closed will need to submit a hardcopy application (located on Forms to Download). The short term advance process will CLOSE two weeks prior to the end of each semester. | |
| Q: |
How many Short Term Advances are each student allowed per semester? |
| A : | Students are ONLY allowed one Short Term Advance per semester. |
| Preference will be given to full-time students when funds are limited. | |
| Q: | What is the maximum amount a student can borrow? |
| A : | Students can borrow up to $750.00 each semester. |
| Q: | Is there a fee associated with processing a Short Term Advance? |
| A : | There is a $7.50 fee that will be assessed each time a Short Term Advance |
| is processed. | |
| Q: | Can I receive my Short Term Advance in the form of a paper check? |
| A : | No. Students will have to establish direct deposit. Funds will be |
| direct deposited in the student's existing bank account. | |
| Q: | When will the Short Term Advances be approved? |
| A : | If the student meets ALL eligibility requirements, the Short Term |
| Advance will process 3 BUSINESS days before the first day of classes. To check the status of your short term advance, click here. | |
| Q: | How long does it take for the Short Term Advance funds to appear |
| in my bank account? | |
| A : | Funds should be direct deposited in student's bank account within |
| 2-3 BUSINESS days AFTER it has been approved (sometimes sooner) . | |
