A major settlement has been reached in a class action lawsuit involving top U.S. universities, with a $284 million payout aimed at students who were affected by anticompetitive financial aid practices. This settlement could benefit thousands of current and former students who attended prestigious schools such as Duke, Yale, and MIT.
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The Allegations: Collusion on Financial Aid Offers
The lawsuit claims that a group of elite universities participated in an anti-competitive agreement through the 568 Presidents Group. This group allegedly shared information about financial aid offers, which allowed them to limit the financial aid provided to students. This scheme was said to artificially inflate the cost of attendance for students who received need-based financial aid but whose tuition, fees, room, or board were not fully covered by the aid they received.
Though the universities involved in the case—such as Duke, Columbia, Cornell, and more—did not admit any wrongdoing, they agreed to the $284 million settlement to resolve the issue.
Who is Eligible for the Settlement?
Students who were enrolled in full-time undergraduate programs at one or more of the defendant universities during the following periods and who received some need-based financial aid are eligible:
- Chicago, Columbia, Cornell, Duke, Georgetown, MIT, Northwestern, Notre Dame, Penn, Rice, Vanderbilt, and Yale students: Fall Term 2003 through February 28, 2024.
- Brown, Dartmouth, and Emory students: Fall Term 2004 through February 28, 2024.
- CalTech students: Fall Term 2019 through February 28, 2024.
- Johns Hopkins students: Fall Term 2021 through February 28, 2024.
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How Much Can Students Expect to Receive?
The amount of compensation varies depending on the amount and number of years students paid for tuition, room, and board. While individual payouts will differ, the settlement aims to ensure that students who were affected by the alleged scheme receive fair compensation.
What’s the Deadline for Filing a Claim?
Students who are eligible for the settlement need to file a valid claim form by December 17, 2024. To file a claim, students must submit their academic information and follow the instructions on the official settlement website. If you are uncertain about whether you qualify, it’s crucial to check the FAQ section to avoid submitting a fraudulent claim, as this can harm other eligible students.
Important Dates and Additional Information
- Final Hearing: July 19, 2024.
- Claim Form Deadline: December 17, 2024.
- Settlement Website: FinancialAidAntitrustSettlement.com
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Don’t Miss Out on Your Share
Students affected by this settlement should not miss out on the opportunity to claim their compensation. If you’re one of the many eligible individuals, be sure to file your claim before the deadline to receive your portion of the $284 million settlement.
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