Purpose of Residencies?

[nathancotephoto]

I have been looking at who offers them and how they would advance my work but I'm not exactly seeing the value in them. Do most offer funding? Do some offer critiques with staff at the university? If not why would I pay as much as they charge for studio space when I am already working a job on the side and producing work? If it gets your foot in the door at that university or academy then it would be worth some moneyif its put to a degree. Any insight would be wonderful!

-nathan