Financial Aid Advance

Financial Aid Advance for Students

What is a financial aid advance and how do I get one?

A financial aid advance of up to $500.00 is granted to students who are enrolled for at least half time, have a direct deposit account for student refunds, and have a credit balance pending with the University 10 days before the semester begins which ensures all requirements are in place in a timely manner.

Please keep in mind that it will take up to 4-5 days to be deposited into your bank account after it is posted to your student account. Typically the refund will be in your bank account the Friday before classes begin.

How do I set up direct deposit?

Visit the Direct Deposit of Credit Balances page for directions. Ensure that you have your direct deposit account for student refunds set up 10 days before the semester begins for timely processing.

How will I see this on my student account?

On the student account a charge will show as “Direct Deposit Fin Aid Adv.” This amount is an early advance from your financial aid refund. The remainder of your refund will be processed after semester begins providing all financial aid requirements have been satisfied. If additional charges are added to the student account or financial aid decreases, a balance could be owed back to the University for the advance and the additional charges.

What if I don't want a financial aid advance?

Currently there is not an option to elect out of the financial aid advance. If a student meets the criteria listed above then an advance will be processed.

How will I be notified?

E-mail notification will be sent to the student’s Ferris email account to notify you that the advance has been posted to your student account. It will include the specific amount of the deposit. Please keep in mind that it will take up to 4-5 days to be deposited into your bank account.

For more information on student refunds, visit the Refunds page.