This page contains important information about the cash advance process deadline for all students.
It also has information about the early advance (1Ls only) for books and supplies.
Entering Student (1Ls) Cash Advances
Whenever you have anticipated credits on your student account that exceed your billed expenses (tuition, fees, etc), our office reviews the potential credit for accuracy and, once confirmed, authorizes the credit to be direct deposited into your U.S. bank account. This process is known as the Cash Advance process.
Entering 1Ls may qualify for two August cash advances;
One in which we advance the FULL ACADEMIC YEAR books and supplies allowance in your student budget; and
Another for your remaining fall semester credits to be used for the rest of your room, board and personal expenses. This should be budgeted to last you for half of the 9-month academic year (September – January 15th). You’ll receive your spring cash advance in December which should be budgeted for January 16 – end of May.
Early Books and Supplies Advance (1Ls ONLY)
As an entering 1L you will qualify for an early “Books and Supplies” advance of $1,675 on August 16th if BOTH of the following are true:
You have signed up for direct deposit through your student account by August 10, 2024.
Note: Only loans that you have applied for by August 10, 2024, will be reflected as anticipated credits on your student account and count towards your eligibility for this early advance.
Fall Registration Advance for 1Ls
You will qualify for an additional advance for the remainder of your fall semester credit balance on August 25th if ALL of the following are true:
You have signed up for direct deposit through your student account by August 22, 2024; AND
You have completed the registration process and have been cleared to register by the HLS Admissions Office by August 22, 2024.
Note: Only loans that you have applied for by August 22, 2024, will be reflected as anticipated credits on your student account and count towards your eligibility for this fall registration advance.
Returning Student Cash Advances (and Transfers)
Fall Registration Advance for Returning Students (and Transfers)
You will qualify for a fall cash advance for your fall semester credit balance on August 26, 2024 if ALL of the following are true:
You are signed up for direct deposit (and/or have updated your direct deposit information if needed) through your student account by August 22, 2024; AND
You have completed the registration process and have been cleared to register by the HLS Registrar by August 22, 2024.
Note: Only loans that you have applied for by August 22, 2024, will be reflected as anticipated credits on your student account and count towards your eligibility for this fall registration advance.
Note For All Students NOT on Financial Aid
Signing up for direct deposit is a good idea even if you are not on financial aid since it is likely that you will have a credit on your account at some point during your time here at HLS.
For example, you might pay your student account notice in full and then decide after that you want to waive the optional student health insurance. Once the waiver is processed and the insurance charge is removed from your account, a credit will automatically show that is now due back to you. Having direct deposit already set up will allow us to issue your credit refund in the most secure and fastest way.
Cash Advance and Refund FAQ
What’s the fastest way to get money?
Direct deposit is the fastest way to get the excess credits from your student account to your U.S. bank account. It’s easy to sign up and the most secure way to receive funds. The enrollment process for direct deposit is available by logging into the direct deposit section of your student account. While you do not need to have a local or Cambridge-based bank account for direct deposit, you do need to have a U.S. bank account. If you choose to use a different bank once you have settled on campus, you can change your enrollment online. This will ensure that we will be able to get you money as quickly as possible in the most secure way.
Returning students, please note that this direct deposit process is different and separate from PeopleSoft payments for stipends and SPIF funding. Whether or not you have already set up direct deposit with PeopleSoft, you must separately set up direct deposit through the student billing system if you wish to receive a Fall Cash Advance.
What is a refund?
A refund is a cash disbursement of funds from your student account that exceed your charges. It is an actual credit on your student account. It is not an “advance” on anticipated financial aid credits to your account; rather, it is a refund of monies already disbursed to your student account.
What’s a cash advance?
A cash advance is also a cash disbursement; however, the credit comes from anticipated aid credits. For example, your loan and grant funding may not be finalized and disbursed to your student account until November of any given year. Until the funds actually disburse to your account we use anticipated aid credits and advance you money on any pending disbursements. Until the funds are disbursed in full, we call them cash advances. There is no fee associated with the cash advance process.
How do I apply for a cash advance or refund?
You do NOT need to apply for a cash advance or a refund.
HLS Student Financial Services reviews all student accounts on a weekly basis and automatically issues refunds and cash advances for students whose credits (grants, loans, payments, etc.) exceed the charges on their student account (tuition, health fees, dorms – if applicable). These funds will automatically be deposited through the direct deposit process, to your U.S. bank account. If you do not have direct deposit set up with the Student Accounts office, a paper check will be mailed to whatever address is currently on file with the Registrar’s Office.
What are the eligibility requirements?
To be eligible for a cash advance or refund, you must be a registered HLS student for the 2024-2025 academic year and have a financial aid package. You must have applied and been approved for the student loan that you wish to be considered in the calculation of your cash advance.
We can then notify the central University Student Accounts Office of your anticipated financial aid credits and use these credits to determine if you will have a projected surplus once all of your charges have been satisfied. Additionally, you cannot have a back balance from a prior academic year. All back balances must be paid in full before a cash advance or refund is issued.
When the process of e-signing any loan promissory notes for student loans offered to you in your financial aid package (Direct, Harvard Loans, etc.) has started, you are required to have e-signed all of your notes before a cash advance or refund is processed and released to you.
How can I calculate the amount of my cash advance or refund?
You do not need to calculate the amount of your cash advance or refund; the calculation is done by our office. However, for personal planning purposes, calculating your cash advance or refund is an extremely valuable budgeting tool and we encourage you to undertake this exercise.
To calculate the amount of your cash advance for either semester, subtract all of your charges for the year (tuition, health fees, dormitory and loan fees) from all of your financial aid credits (grants, loans, or outside scholarships). Do not include any payments at this time. Divide the resulting number by two, and then add in any payments you have made to the specific term you applied them to (fall or spring).
This calculation will result in either a positive or negative number. If you calculate a positive number, assuming you have accounted for everything properly, the result will be the amount of your cash advance for the semester. If you calculate a negative number, you do not have enough financial aid credits that qualify for a cash advance. Instead, this negative number is what you owe and need to pay to your student account.
Please note that your first and second semester cash advance could be different, depending on other credits and charges that you incur during the academic year. Entering Students who received their book allowance early will have a lower spring advance.
You can download our Cash Advance 2024 Calculation Worksheet to help you calculate the amount of your personal cash advance check. This worksheet is intended to be used as a guide in determining a reasonably good estimate of the amount of your cash advance check. However, there are many variables that could potentially affect the final amount of your advance check. We cannot guarantee that the advance you actually receive will always exactly match your calculation. While we have tried to take as many variables into account as possible when designing the worksheet, it will not be exact in every individual case.
How do I budget my cash advance check?
When you receive your cash advance, you will need to budget this money for the semester. One semester, for financial aid purposes, is equal to four and one-half months (Sept. – Jan. 15 = Sem. I and Jan 16 to May 30 = Sem. II).
To budget your cash advance, you will first need to subtract any rent payments that need to be paid on a monthly basis, unless you live in a dorm (since in most cases dormitory charges have already been listed on your student account and we have paid them before we gave you the advance). The remaining money should be divided by 4.5, giving you the amount you have to live on per month for the next 4.5 months.
If you are eligible for a cash advance or refund, you will receive one direct deposit each semester; the end of August (for fall semester) and in late December (for spring semester).
Is there anything else I need to know about this process?
Please keep in mind the following:
Cash advances and refunds appear as a charge on your student account. The charge will be repaid once the loans and/or grant assistance are actually disbursed to your account.
Any cash release MUST be used for education-related expenses only.
You have 10 business days from date of issue to contact HLS Student Financial Services if you feel that there has been an error in our calculated amount. After 10 business days we will assume that you agree with the amount given to you and any unreported errors or errors identified at a later date will be the responsibility of you, the student, to repay.
