They will most likely repackage you based on off-campus housing. Does that mean that you are going to get 16k more in aid, Your package is currently $70, 998.
If they back out tuition (61, 160) they will probably refund you the difference $9838 to use toward your room and board.
For example they have currently estimated your room and board as 16, 100.
16, 100 -9838 = 6262 (which you would have paid from your EFC).
Let’s say the difference in off campus housing is $6000 more ($25,100).
Amherst may end up increasing your aid package by the difference ($6,000). If your housing is more than what they allocate because you want a 2 bedroom apartment (or other bells and whistles, you pay for it).
They are not going to front this money to you.
When you live off campus, the school does not make deals with landlords. You are going to be responsible for finding an apartment, signing the lease, paying your first and last month’s rent in order to move in. Yes, you are going to need upfront money.
The landlord is not going to wait for you to get a disbursement from school.