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Student Emergency Fund Policy

Fund purpose and overview

 

The Student Emergency Fund is available to assist Olin students by providing limited emergency financial grants for one-time unexpected and unavoidable emergency circumstances that cause unforeseen expenses that jeopardize the student’s ability to successfully continue their Olin education.  This funding is not intended to reimburse expenses that have already been paid, or to replace or supplement existing financial aid. Decisions regarding the amount and disbursement of funds are made on a case-by-case basis.  Approval of emergency funding is at the discretion of the Dean of Students and is dependent on the availability of gift funds.  There is no minimum grant threshold, and the maximum grant will generally not exceed $1,000. These are grants and do not require repayment.

  

Student Emergency Fund Grant Application process

 

  • The form will be reviewed by the Dean of Students.

  • Students will typically receive an acknowledgement from Student Affairs within 48 hours of the request submission.

  • The Dean will confer with the Financial Aid Office to confirm eligibility of the requested expense and to explore availability of loans or other forms of aid.

  • Students may be required to provide additional documentation upon request.

  • Requests are formally approved by the Dean of Students after consultation with the Provost.  Evidence of approval indicates the parties are aware of the transaction and in agreement with the use of funds.  Additionally, risk to the college was considered by the Dean and Provost and the approved transaction was deemed to be low risk in effort to protect the interests of the college and be good stewards of the gift fund.

  • If approved, the Dean issues a letter with the amount provided and method of grant disbursement.

  • Grants may be administered as a check/ACH transfer or through departmental p-card purchase by a Student Affairs staff member on behalf of the student.

 

 

Examples of covered emergencies

  

  • Travel expenses related to death or serious illness of an immediate family member defined as a person's smallest family unit including parents, siblings, spouse, and children

  • Temporary support costs for a student in a dangerous situation due to threats or acts of violence

  • Individually recommended or required services that are considered critical to your success (e.g., diagnostic testing for Accessibility Resources) may be eligible

 

Expenses not covered

 

  • Tuition, fees, housing, health insurance, food, books, study abroad costs and other standard expenses associated with attending Olin

  • Costs of optional programming, conferences, entertainment, recreation, or non-essential travel

  • Parking tickets

  • Medical expenses, Elective care and elective surgeries 

  • Childcare

 

Eligibility Requirements

 

  • Student must be currently enrolled and the emergency event and funding request must occur during the academic year.

  • Student can substantiate the emergency or hardship.

  • Student can verify that other possible resources are either unavailable or insufficient.

 

Students are ineligible if they

 

  • are in a period of non-enrollment (e.g., summer term), or have withdrawn, graduated, are currently on leave, or have not yet begun their studies at Olin.

  • have loans available to them through financial aid that have not been utilized.

 

Taxability of funds provided

  

Grants from the emergency fund are subject to federal tax regulations. Colleges and Universities are required to report and withhold tax on certain payments to international recipients. Recipients are responsible to self-report the income and pay applicable taxes. Depending on the student’s tax status, taxes may be withheld prior to disbursement of the grant. For specific questions about your personal tax situation, you may want to consult with a tax professional, as Olin cannot provide personal tax advice. For more information please refer to IRS publication 970. https://www.irs.gov/pub/irs-pdf/p970.pdf