I don't know what the current pay scale is for cadets, but I don't think it's up to E5 level. Basically it's enough to make it so you have some spending money after you pay for all the crap they make you buy. Like $500 for one particular uniform jacket you'll wear once and then sell back for $100. And a computer. And books that you MUST buy from the bookstore instead of from people who used the same book in the previous semester, because the damned bookstore bastards have the dean by the balls due to the overall small size of the school.
When I was there, the pay scale hadn't been changed in about 10 years, and 10 years earlier it was exactly 50% of the base pay of a 2Lt. That worked out to $500/month before expenses and mandatory deductions to pay off the approx $5000 the school loans cadets when they arrive just to get started. Take-home pay came out to $40-$60/month for freshmen, $125ish for sophomores, $160ish for juniors, and anywhere from $180 to $450/month for seniors depending on how expensive their books were and how often they bought new uniforms.
All sundries such as shampoo, room cleaning supplies, and boot polish came out of that salary btw, so a freshman's $40 or $60 would pretty much go 120% towards necessities. Yes, that's more than 100% and the extra 20% went onto the credit card that 99% of the cadets opened up with either the base credit union or bank. I was frugal and ended my freshman year with only $300 debt on my card. My parents helped a lot too, since helping me with a few hundred bucks worth of stuff was a hell of a lot cheaper than helping pay to go to a regular university.
A year or two after I left, some congressman finally bumped cadet pay up to the surface on the legislative ocean and cadets finally got a pay raise. Most of the raise went to cover the fact that they're now issued laptop computers instead of desktops, but I don't think the freshmen are stuck with $40/month paychecks anymore either.