What is the lawsuit against colleges financial aid?

The 2022 lawsuit said 17 prominent colleges and universities violated U.S. antitrust law by violating a pledge not to consider students' finances in making admissions decisions, giving wealthy students an edge. Dartmouth and Rice said they would each pay $33.75 million.

What is the lawsuit against elite colleges?

Dartmouth College, and Rice, Vanderbilt and Northwestern universities agreed to pay a total of $166 million to settle claims filed in a 2022 class action lawsuit alleging the schools colluded on the amount of financial aid awarded to students, while favoring applicants from wealthier families.

What top universities agree to settle financial aid suit for $104.5 million?

Yale, Columbia, Duke, Brown and Emory universities will pay a combined $104.5 million to settle their portions of the case, which was brought by five former students against more than a dozen schools.

What colleges are in the price-fixing lawsuit?

Dartmouth College, Northwestern University, Rice University and Vanderbilt University agreed Friday to pay $166 million to settle a lawsuit that accused them and other schools of colluding to determine students' financial-aid packages.

What top colleges are sued?

The lawsuit was filed in 2022 against 16 major U.S. colleges, including Yale, Georgetown and Northwestern, for allegedly engaging in price fixing and limiting student financial aid by using a methodology shared among the schools to calculate financial need for an applicant.

Lawsuit accuses 16 top universities of financial aid conspiracy

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What elite colleges are accused of price fixing?

The lawsuit initially named 16 defendants: Yale, Columbia, Duke, Brown, Emory, Georgetown University, the California Institute of Technology, Northwestern University, Cornell University, Dartmouth College, the University of Pennsylvania, Vanderbilt University, the Massachusetts Institute of Technology, the University ...

Is college financial aid price discrimination?

Although the published tuition is the same for both students, the net tuition, i.e., the tuition after factoring in financial aid, is very different. Colleges and universities appear to use their financial aid awards as a part of a price discrimination strategy.

What is the most expensive class action lawsuit?

Tobacco Settlement at $206 Billion

The largest-ever class action settlement was agreed upon in 1998 by Philip Morris, RJ Reynolds, and two other tobacco companies.

Which Ivy League is the most generous with financial aid?

None of the Ivy Leagues offer merit scholarships, but each school meets 100% of your demonstrated need. So, Princeton typically has the most generous assessments of financial need among students.

What ethnicity gets the most financial aid?

Among full-time, full-year undergraduate students, 88 percent of Black students, 87 percent of American Indian/Alaska Native students, and 82 percent of Hispanic students received grants in 2015–16. These percentages were higher than the percentages for White (74 percent) and Asian (66 percent) students.

How many more elite universities settle suit over alleged price fixing?

Dartmouth, Rice, Northwestern and Vanderbilt universities have settled a federal class-action lawsuit that accused them of fixing financial aid offers at the same low rates for students of humble means.

Why are elite colleges so expensive?

Higher education costs have increased more than 170% over the last 40 years. Lack of regulation of tuition costs, along with increased expenses, raises total costs for students. Administrative overhead and demand for more student services also increase costs.

How much is Emory price fixing?

Emory University has settled its financial aid price-fixing lawsuit for $18.5 million, according to a legal brief obtained by The Emory Wheel. The University of Chicago settled prior to all other accused universities last year for $13.5 million.

Can I argue my financial aid?

When students appeal a financial aid decision, they must do so with documentation. These may include medical bills, layoff or termination notices, bank statements, or receipts, as well as letters from third parties, like teachers, counselors, social workers, etc. Complete any necessary forms.

Can financial aid pay for all of my college expenses?

If you need to borrow money to pay for college, you have a few different options to choose from. Depending on your year in school, your status and your financial need, it's possible that you can get enough financial aid to cover the entire cost of your attendance.

Are colleges in financial trouble?

At America's colleges, this means reducing the structural budget deficits that are driving up costs and harming students in the process. That focus has become more important than at any other time in recent history, as an increasing number of American colleges and universities are in financial crisis.

Why is price fixing illegal?

Anticompetitive price fixing agreements violate federal antitrust law, notably the Sherman Antitrust Act, and are prohibited by state antitrust law, including the Cartwright Act in California.

Is price fixing a violation of federal law?

Under the Sherman Act, agreements among competitors to fix prices or wages, rig bids, or allocate customers, workers, or markets, are criminal violations. Other agreements such as exclusive contracts that reduce competition may also violate the Sherman Antitrust Act and are subject to civil enforcement.

Why is price fixing unfair?

When competitors agree to restrict competition, the result is often higher prices. Price fixing also includes agreements among competing purchasers or competing employers about the prices or wages they will pay. Price fixing is a major concern of government antitrust enforcement.

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