Dear Students and Families,
Last Wednesday, you received an email outlining the College’s room and board adjustment plan. Thank you to those of you who questioned the adjustment calculation. We are grateful for your diligence and questions; they helped us discover an error in the calculation. As you’ll see below, the corrected room and board adjustment will result in a larger adjustment to student accounts.
I apologize for the added anxiety this has caused. The College let you down during a particularly stressful and challenging time, and for that, I am truly sorry.
The initial room and board adjustment mistakenly included the Intensive Learning Term (ILT) in the calculation of the per-day rate. Only the 111-day semester should have been included; room and board for the ILT is always provided at no additional charge to students. Including the additional 20-days of the ILT in the calculation incorrectly reduced the per-day rate used in the initial calculations. After the error was discovered, the College conducted a careful multiperson review of the calculation methodology before communicating with you again – you deserve that we get it right this time.
Revised Adjustment Based on Living Option and Meal Plan
|Meal Plan||Shipherd||Dole||Blair||Gillette||Oakhill||Long||College-Owned Greek Houses||Non-College Owned House or Commuter Students|
|100 On the Run||$610||$610||$610||$790||$790||$790||$610||$160|
The room and board adjustment provides a fair and equitable adjustment for all students for the unused portion of the room and board fee paid due to the interruption caused by the coronavirus pandemic.
Students will receive an adjustment for room and board for the 39-day period from March 18 through April 25.
- The ILT is excluded from all calculations. The College does not charge for on-campus residence or board meals during the ILT.
- The methodology for calculating the adjustment amount is a combination of room charge and meal plan charge, minus the average discount provided by College-funded financial aid across all students.
- It is important to understand that all students receive College-funded financial aid that reduces the average out-of-pocket amount (and cash paid to the College) by just over 50%. In other words, students don’t pay the published list price (the “sticker price”), they pay the list price minus College-funded financial aid. This methodology does not include State, Federal or other outside forms of financial aid.
- Adjustments are rounded to the nearest $5.
Sample Adjustment Calculation for a Student Living in Shipherd Hall with Carte Blanche Plan
Spring Semester Room & Board Fee: $5,050
Average College Aid Award: – $2,550
Amount Paid by Average Student: $2,500 ($22.52 per day)
39-Day R&B Adjustment: $ 880 ($22.52 x 39, rounded)
Room and Board Adjustment Refund Options
Residential students who remained enrolled and moved out of College-owned housing and/or discontinued a meal plan in response to the College’s migration to remote learning are eligible for a room and board adjustment.
- Credits will be posted to individual student accounts over the course of the next two weeks.
- Credits will be applied first to any outstanding balance for the current academic year. For students on a payment plan, this will reduce the amount of the final installment payment.
- Students who have a positive/credit balance remaining on their account will receive a refund. To receive your refund, do one of the following three things:
- Sign up for eRefund at olivetcollege.edu under the “student” tab, if you have not already done so. If you have signed up for eRefund by May 15, your refund will be direct-deposited into your bank account by May 30. If you need instructions on how to sign up for eRefund, contact Shawn Hagadon, student account specialist, at email@example.com.
- Ask that your refund remains on your account to serve as a credit for next year by emailing Shawn Hagadon, student account specialist, at firstname.lastname@example.org to let her know.
- Do neither of the above and a check will be mailed to your permanent address by June 15.
Again, I express my gratitude to those of you who reached out to question the initial room and board adjustment. To every student and family member, I’m sorry for our mistake.
Students, stay confident and focused this week as you prepare for your final exams – the finish line is in sight!
Steven M. Corey, Ph.D.