Short Term Advance
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Short Term Advance (Terms and Conditions)
Beginning December 13, 2013 , the Short Term Advance application for SPRING 2014 will be available online via MyFAU (Money Matters! tab). Please click on the Terms and Conditions link above for more details (see highlighted sections).
College of Medicine Students...
SUMMER Term Important Note about 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.
The Short Term Advance application works best with the Internet Explorer browser. Make sure to enter your correct Z number on the application. Funds should be direct deposited in student's bank account within 2-3 BUSINESS DAYS after it has been processed/approved.
Students will need their FAU Z Number when applying for a Short Term Advance. Bank account information will no longer be needed when filling out this application; however, to view or establish direct deposit for short term advances or financial aid refunds, log on to MyFAU , click on the Money Matters! tab, click on the Direct Deposit for Financial Aid link and click on Student Services.
NOTE : If student is under 18 years of age, please download the Parental Short Term Advance Application (located on the Forms to Download page) and submit to the Office of Student Financial Aid. In addition, the student must also establish direct deposit. Log on to MyFAU , click on the Money Matters! tab, click on the Direct Deposit for Financial Aid link and click on Student Services (Fo llow the instructions on viewing/updating direct deposit information).
NOTE : If enrolled as an Outgoing Consortium student, please download the Outgoing Consortium Short Term Advance Application (located on the Forms to Download page) and submit to the Office of Student Financial Aid. In addition, the student must also establish direct deposit. Log on to MyFAU , click on the Money Matters! tab, click on the Direct Deposit for Financial Aid link and click on Student Services (Fo llow the instructions on viewing/updating direct deposit information).
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 to assist with paying your tuition and other related fees. Students may borrow up to $750 . In addition, a $7.50 non-refundable processing fee will be assessed.
- 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 Online Direct Deposit online form prior to applying. This form is located on MyFAU under the Money Matters tab. If you meet ALL eligibility requirements , you 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.
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
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)
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 Raquel Grant-Ranglin (firstname.lastname@example.org) 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.