Sample Cash Advance Calculations

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

• An Entering Student  Living on Campus
• A Returning Student Living on Campus
• A Student Living Off-Campus
• A Student Living in Affiliated Housing

Example 1 - An Entering Student

Note: In the Fall semester, 1Ls have an Admissions deposit credit on their accounts, so we add this credit to their fall cash advance making their advance amount $6,321 + $500 Admissions Tuition Deposit = Fall Semester Cash Advance of $6,821.

How to budget the Example 1 cash advance check for the semester
This $6,821 should be divided by 4.5 months (1/2 the academic year) = $1,515 per month for the first 4 months and $761 for the first part of January. Second semester checks will be cut by December 21st this year. Keep in mind that, if all of your charges and credits stay the same, your second semester cash advance check will be $6,321 and not $7,239, since you will not have another Admissions deposit credit for second semester. If you charge crimson cash, dental work, pharmacy purchases, or any other expenses to your e-bill 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

Note: Returning students do not have an Admissions deposit as they did in their first year, so there is no payment to credit towards the account unless a parent or student paid a portion of the bill before the cash advance check was calculated.

How to budget the Example 2 cash advance check for the semester
This $5,759 should be divided by 4.5 months (1/2 the academic year) = $1,280 per month for the first 4 months and $639 for the first part of January. Second semester checks will be cut by December 21st this year. Keep in mind that, if all of your charges and credits stay the same, then your second semester cash advance check will be $5,759. If you charge crimson cash, dental work, pharmacy purchases, or any other expenses to your e-bill 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

Note: The cash advance check 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 $10,946 should be divided by 4.5 months (1/2 the academic year) = $2,432 per month for the first 4 months and $1,218 for the first part of January. Second semester checks will be cut by December 21st 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. Keep in mind that, if all of your charges and credits stay the same, your second semester cash advance check will be $10,946. If you charge any crimson cash, dental work, pharmacy purchases, or any other expenses to your e-bill 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 e-bill

Note: Since this student is living in Affiliated Housing, where the rent is charged to the e-bill on a monthly basis, his/her cash advance check may be lower than the $10,946 calculated above depending on how many months rent has already been charged to the e-bill when the cash advance is processed. In other words, if the Student Financial Services Office is processing the cash advance check in mid-September, the September 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 October-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 amount of money away until the monthly rent 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 $10,946 cash advance check, you will have $4,871 (or $1082 per month) to spend on your other expenses (personal, books, travel, etc.) for the fall semester. Second semester checks will be cut by December 21st this year and any rent not already charged to your e-bill 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 e-bill 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 (1Ls and 2Ls) or graduation (3Ls).

DO NOT PAY YOUR RENT BEFORE IT IS CHARGED TO YOUR E-BILL. 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.