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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:     

• 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 tuition and/or other related fees.    
Q:     What are the eligibility requirements for receiving a Short Term Advance?    
A :     Students must:    

• be degree-seeking
• be enrolled at least half-time
• have an FAU institutional GPA of 2.0
• NOT have an outstanding balance with the University
• establish direct deposit
• be at least 18 years old (if not, the Parental Short Term Advance application will need to be submitted.  This form is located on the Forms to Download section of the Financial Aid website.

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 and will close two weeks prior to the end of the 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 $500.00 each semester    
Q:     Is there a fee associated with processing a Short Term Advance?    
A :     There is a $5.00 fee that will be assessed each time a Short Term    
Advance is processed.  Exceptions to the non-refundable processing fee may be made for Pell Grant eligible students whose Title IV aid results in a credit balance after tuition & fees have been paid.    
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.    
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.