Short Term Advance Program

Short Term Advance Basics

TERMS & 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 $5.00 non-refundable processing fee will be assessed.

Make sure to enter your correct Z number and your correct FAU NetID on the application. Funds will be direct deposited in student's bank account within 2-3 BUSINESS DAYS after it has been processed/approved. View Direct Deposit Online Instructions for details.

When is the Short Term Advance Available?

The Spring 2025 Short Term Advance application will be available online via MYFAU (Money Matters tile) on December 2, 2024.

The Fall 2024 Short Term Advance will be available through November 7, 2024.

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

When will the Short Term Advance Process & Disburse?

The first disbursement of the Short Term Advance will occur 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), it is applied toward University debts (i.e. tuition and other related fees).  If after that you have enough aid to cover the Short Term Advance, no payment will be required, otherwise it must be repaid within 45 calendar days after it has disbursed or before the end of the current semester, whichever comes first.
  • 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 it 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 tile. 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 $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.

Eligibility Requirements

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 institutional GPA for undergraduate students and a 3.0 institutional 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.

EARLY SUMMER IMPORTANT NOTICE regarding the Half-Time Enrollment requirement (6 or more credits for Undergraduate and 3 or more credits for Graduate student):

If your half-time enrollment is based ONLY on Summer 2024 the Short Term Advance will NOT disburse until the week before classes start in the first Part of Term you are enrolled in, if ALL eligibility criteria are met.
If you are enrolled in any combination of ‘Early Summer 2024’ and ‘Summer 2024’ for the minimum half-time enrollment required, your advance will disburse a week before the start date of ‘Early Summer 2024’ session, if ALL eligibility criteria are met.

 

How to Access Online Application

To access the online Short Term Advance Application (if the application is not active, it will bring you to the top of this page which tells you when it will be available again):

STEP 1: Access Financial Aid section of FAU Self-Service via MYFAU

  1. Sign into MYFAU with your FAU credentials
  2. Click/tap the "Money Matters!" tile
  3. Click/tap the "Short Term Advance" tile

What is my Short Term Advance Status?

To determine if your Short Term Advance has been received/approved (remember the approved date is not filled in until disbursement occurs, so if you are checking before disbursements begin for the term, only the received date will be filled in):

  1. Sign into MYFAU with your FAU credentials
  2. Click/tap the "Money Matters!" tile
  3. Click/tap the "View My Financial Aid Information" tile to access Self-Service.
  4. Click/tap 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 offer revision request form to this Office or an email to Tom Falloretta (tfallore@bydsatelier.com) 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 $5.00 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.