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Here are four examples to illustrate the cash advance calculation process. They are as follows:

Example 1 – An Entering Student

Total Amount of Financial Aid (All Grants and Loans) = $88,600
Minus Tuition (standard) $59,550
Minus Loan Fees (Direct Stafford Loans use 1.068% of total – Direct GradPLUS use 4.272% of total) $1,053
Minus Health Fee and/or BC/BS ** $3,718
Minus Dormitory Charge (if any) $9,250

Equals Annual Living Expense Allowance = $15,029
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $7,515

How to budget the Example 1 cash advance check for the semester
This $7,515 should be divided by 4.5 months (1/2 the academic year) = $1,670 per month for the first 4 months and $835 for the first part of January. Second semester checks will be cut by December 23rd this year.  If you charge crimson cash, dental work, pharmacy purchases, or any other expenses to your account after the cash advance has been issued, you will be responsible for paying the charge on the bill with the money from the cash advance check you received for the semester. Likewise, if your credits change (decrease in grant assistance or loan assistance), you will be responsible for paying any balance due. Charges accrued during the fall semester must be paid before we will cut your second semester echeck and likewise, all outstanding charges must be paid in full prior to pre-registration in April.

Example 2 – A Returning Student

Total Amount of Financial Aid (All Grants and Loans) = $88,600
Minus Tuition (standard) $59,550
Minus Loan Fees (Direct Stafford Loans use 1.068% of total – Direct GradPLUS use 4.272% of total) $1,053
Minus Health Fee and/or BC/BS ** $3,718
Minus Dormitory Charge (if any) $10,375

Equals Annual Living Expense Allowance = $13,904
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $6,952

How to budget the Example 2 cash advance check for the semester
This $6,952 should be divided by 4.5 months (1/2 the academic year) = $1545 per month for the first 4 months and $772 for the first part of January. Second semester checks will be cut by December 23rd this year. If you charge crimson cash, dental work, pharmacy purchases, or any other expenses to your account after the cash advance check has been issued, you will be responsible for paying the charge on the bill with the money from the cash advance check you received for the semester. Likewise, if your credits change (decrease in grant assistance or loan assistance), you will be responsible for paying any balance due. Charges accrued during the fall semester must be paid before we will cut your second semester check and likewise, all outstanding charges must be paid in full prior to spring registration (2Ls) or graduation (3Ls).

Example 3 – A Student Living Off-Campus

Total Amount of Financial Aid (All Grants and Loans) = $88,600
Minus Tuition (standard) $59,550
Minus Loan Fees (Direct Stafford Loans use 1.068% of total – Direct GradPLUS use 4.0288% of total) $1,053
Minus Health Fee and/or BC/BS ** $3,718
Minus Dormitory Charge (if any) $0

Equals Annual Living Expense Allowance = $24,279
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $12,140

Note: The cash advance for this student is higher since he/she pays rent to an off-campus third party.

How to budget the Example 3 cash advance check for the semester
This $12,140 should be divided by 4.5 months (1/2 the academic year) = $2,698 per month for the first 4 months and $1,348 for the first part of January. Second semester checks will be cut by December 23rd this year. The first step to budgeting this money, for this particular situation, is to subtract all of your rent for the semester so you may put that amount of money away until the monthly rent is due. If you charge any crimson cash, dental work, pharmacy purchases, or any other expenses to your account after the cash advance check has been issued, you will be responsible for paying the charge on the bill with the money from the cash advance check you received for the semester. Likewise, if your credits change (decrease in grant assistance or loan assistance), you will be responsible for paying any balance due. Charges accrued during the fall semester must be paid before we will cut your second semester check and likewise, all outstanding charges must be paid in full prior to spring registration (2Ls) or graduation (3Ls).

Example 4 – A Student Living in Affiliated Housing where the rent is charged monthly to the student account

Total Amount of Financial Aid (All Grants and Loans) = $89,550
Minus Tuition (standard) $59,550
Minus Loan Fees (Direct Stafford Loans use 0.5% of total – Direct GradPLUS use 2.5% of total) $1053
Minus Health Fee and/or BC/BS ** $3,718
Minus Dormitory Charge (if any) $0

Equals Annual Living Expense Allowance = $24,279
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $12,140

Note: Since this student is living in Affiliated Housing, where the rent is charged to the student account on a monthly basis, his/her cash advance check may be lower than the $12,1408 calculated above depending on how many months rent has already been charged to the account at the time the cash advance is processed. In other words, if the Student Financial Services Office is processing the cash advance check in mid-September, the October rent charge will show on the account and we are required to deduct this amount from the cash advance check amount. The student will be responsible for paying the remaining monthly rent charges November and December with the remaining funding from his/her Semester I Cash Advance. January rent most likely will be taken out of the Semester II Cash Advance, leaving the student responsible for rent payments from February through May.

How to budget the Example 4 Cash Advance Check for the semester
Start by subtracting all of your rent for the semester so that you may put that particular amount of money away until it is due. For example, let’s assume that your monthly HRE rent is $1350. This means that after subtracting your monthly rent for September – 1/2 January ($1350 x 4.5 = $6,075) from your $12,140 cash advance check, you will have $6,065 (or $1,348 per month) to spend on your other expenses (personal, books, travel, etc.) for the fall semester. Second semester checks will be cut by December 23rd this year and any rent not already charged to your student account will be your responsibility to pay on a monthly basis from the proceeds of your Semester II Cash Advance. If you charge any crimson cash, dental work, pharmacy purchases, or any other expenses to your student account after the cash advance check has been issued, you will be responsible for paying the charge with the money from the cash advance check you received for the semester. Likewise, if your credits change (decrease in grant assistance or loan assistance), you will be responsible for paying any balance due. Charges accrued during the fall semester must be paid before we will cut your second semester check and likewise, all outstanding charges must be paid in full prior to spring registration (1Ls and 2Ls) or graduation (3Ls).

DO NOT PAY YOUR RENT BEFORE IT IS CHARGED TO YOUR ACCOUNT. If you pay your monthly rent before it is charged, it will likely create a credit on your account. We are required to release any credit on a student’s account, therefore, if you make an e-payment before the rent is charged, you will automatically receive a refund check in the amount you just paid, since there is no outstanding balance due.