Short Term Advance  (Terms and Conditions)

The Short Term Advance Application for SUMMER 2009 will be available on May 1, 2009 on MyFAU (click on the Money Matters! tab). Short Term Advance disbursements will begin on May 8, 2009 if ALL eligibility requirements are met.  Important Note: If half-time enrollment is contingent upon Summer term 3 credit hours, the Short Term Advance will NOT disburse until  AFTER the drop/add deadline of Summer term 3, unless you are also registered in Summer terms 1 and/or 2.

Funds should be direct deposited in student's bank account within 2-3 BUSINESS DAYS after it has been processed BUT NOT BEFORE the first day of classes. To view instructions on how to access the Short Term Advance Application, click here.  

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 (Follow 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 $500 and a $5.00 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 ACH Direct Deposit Authorization 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 during the first week of classes BUT NOT BEFORE the first day of classes.  Funds will be direct deposited into the student’s existing bank account (preferably with ).

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 $5.00 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.