That is how I read it as well. And that is a change from prior years in that the room and board did not require the student to live on campus. The university cut the student a check for the room and board amount if the student lived off campus. So in addition to limiting it to two years and $10,000/year, they now require living on campus those first two years. Though with as new and nice as their dorms are, I am not sure that is a big change.