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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) = $99,200
Minus Tuition (standard) $65,875
Minus Health Fee and/or BlueCross/BlueShield $4,905
Minus Dormitory Charge (if any) $12,250

Equals Annual Living Expense Allowance = $16,170
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $8,085

How to budget the Example 1 cash advance check for the semester
This $8,085 should be divided by 4.5 months (1/2 the academic year) = $1,797 per month for the first 4 months and $898 for the first part of January. Second semester checks will be cut by December 21st. If you charge dental work, pharmacy purchases, or any other expense to your student account after the cash advance has been issued, you will be responsible for paying the charge with the money from your semester cash advance funds. 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 issue your second semester advance 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) = $99,200
Minus Tuition (standard) $65,875
Minus Health Fee and/or BlueCross/BlueShield $4,905
Minus Dormitory Charge (if any) $15,800

Equals Annual Living Expense Allowance = $12,620
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $6,310

How to budget the Example 2 cash advance check for the semester
This $6,310 should be divided by 4.5 months (1/2 the academic year) = $1,402 per month for the first 4 months and $701 for the first part of January. Second semester checks will be cut by December 21st. If you charge dental work, pharmacy purchases, or any other expense to your student account after the cash advance has been issued, you will be responsible for paying the charge with the money from your semester cash advance funds. 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 issue your second semester advance and all outstanding charges must be paid in full prior to pre-registration in April (2Ls) or graduation (3Ls).

Example 3 – A Student Living Off-Campus

Total Amount of Financial Aid (All Grants and Loans) = $99.200
Minus Tuition (standard) $65,875
Minus Health Fee and/or BlueCross/BlueShield $4,905
Minus Dormitory Charge (if any) $0

Equals Annual Living Expense Allowance = $28,420
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $14,210

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 $14,210 should be divided by 4.5 months (1/2 the academic year) = $3,158 per month for the first 4 months and $1,579 for the first part of January. Second semester checks will be cut by December 21st. If you charge dental work, pharmacy purchases, or any other expense to your student account after the cash advance has been issued, you will be responsible for paying the charge with the money from your semester cash advance funds. 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 issue your second semester advance and all outstanding charges must be paid in full prior to pre-registration in April (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) = $99,200
Minus Tuition (standard) $65,875
Minus Health Fee and/or BlueCross/BlueShield $4,905
Minus Dormitory Charge (if any) $0

Equals Annual Living Expense Allowance = $28,420
Divided by Two / 2

Equals Cash Advance Check Amount for Each Semester = $14,210

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 $14,210 calculated above depending on how many months rent has 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 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 $14,210 cash advance, you will have $8,135 (or $1,807 per month) to spend on your other expenses (personal, books, travel, etc.) for the fall semester. Second semester advances will be cut by December 21st 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 dental work, pharmacy purchases, or any other expense to your student account after the cash advance has been issued, you will be responsible for paying the charge with the money from your semester cash advance funds. 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 issue your second semester advance and all outstanding charges must be paid in full prior to pre-registration in April (1Ls and 2Ls) or graduation (3Ls).

DO NOT PAY YOUR RENT BEFORE IT IS CHARGED TO YOUR STUDENT 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 payment before the rent is charged, you will automatically receive a refund in the amount you just paid, since there is no outstanding balance due.