In a pot, bring water to boil, add pasta and allow to cook. Halfway through cook time on the pasta, add peas and carrots and allow to boil until pasta is tender.
Meanwhile, combine cheddar cheese and three cheese blend in a bowl. Mix well.
Once the pasta is cooked, remove from heat and drain. Do not rinse.
Place pasta back in the same pot and add olive oil and milk. Reheat quickly.
Divide pasta mixture into 4 bowls. Sprinkle 1/8 cup cheese over each bowl and stir quickly so the cheese melts.
Serve immediately.