$284 Million College Financial Aid Class Action Settlement

Photo Credit: Dom Fou - Unsplash | Published: April 13, 2024

Claim Form Deadline: Pending

Payout: Varies

Proof required: Yes

What is the College Financial Aid Class Action Lawsuit About?

A total of $284 million class action settlements have been reached involving seventeen universities. Ten of the universities have agreed to the sum, and more universities may agree, resulting in a larger settlement fund. The class action centers around certain colleges providing compensation to students who received need-based financial aid, who still had outstanding expenses while attending these universities. The universities involved in the various financial aid settlements include:

• Brown University,
• California Institute of Technology,
• University of Chicago,
• Columbia University,
• Cornell University,
• Dartmouth College,
• Duke University,
• Emory University,
• Georgetown University,
• Johns Hopkins University,
• Massachusetts Institute of Technology,
• Northwestern University,
• University of Notre Dame,
• University of Pennsylvania,
• William Marsh Rice University,
• Vanderbilt University,
• and Yale University.

The following universities have already settled upon a class action agreement:

• Chicago University has settled on a class action payment of $13.5 million.
• Emory University has settled on a class action payment of $18.5 million.
• Yale University has settled on a class action payment of $18.5 million.
• Brown University has settled on a class action payment of $19.5 million.
• Columbia University has settled on a class action payment of $24 million.
• Duke University has settled on a class action payment of $24 million.
• Dartmouth University has settled on a class action payment of $33.75 million.
• Rice University has settled on a class action payment of $33.75 million.
• Northwestern University has settled on a class action payment of $43.5 million.
• Vanderbilt University has settled on a class action payment of $55 million.

The $284 million class action lawsuit alleged that the universities mentioned above engaged in an anticompetitive conspiracy by limiting the amount of financial aid students received, which resulted in artificially higher costs when attending these universities. The class action lawsuit alleged that the universities collaborated through an organization called the "568 Presidents Group", sharing information and agreeing on financial aid rules in order to reduce competition and raise prices on tuition, hurting students and their families paying for tuition.

The universities listed in the class action lawsuit have denied these tuition price-fixing allegations, stating that they did not engage in any unlawful conduct and that their financial aid policies were lawful and aimed at promoting socio-economic diversity. Colleges and universities named in the settlement argued that the class action claims lacked merit. However, they have agreed to a class action settlement while not acknowledging any wrongdoing.

How Do I Qualify For A Payout?

You are part of this settlement if you're a U.S. citizen or permanent resident who:

• Enrolled in a full-time undergraduate program at any of the listed universities.
• Received some need-based financial aid from any of these universities.
• Still had to pay some of your tuition, fees, room, or board costs out of pocket (after considering all types of financial aid, except loans) during any undergraduate year.

If you still not sure whether you are the part of this settlement you can contact the financial aid antitrust class action administrator:

By Phone:
1-833-585-3338

By Email:
[email protected]

By Mail:
Financial Aid Antitrust Settlements
c/o Claims Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103

What Can I Get?

Each Class Member who submits a valid and timely claim form will receive a portion of the $284 million settlement fund. The amount each person gets will depend on how much they paid for attendance at one of the listed universities during the Settlement Class Period. This amount will be calculated based on the average annual cost of attendance at the university and adjusted for the number of years attended.

The exact amount each person receives and when they receive it will be determined once the court approves the settlement and the distribution plan. Any remaining funds in the settlement fund after distribution will be donated to charitable causes promoting access to higher education for disadvantaged students and families.

How Do I Find Class Action Settlements?

Find all the latest Class Action Settlements you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

How Do I File a Claim?

To file a claim, you'll need to wait until the Court approves the settlement. The final hearing is scheduled for July 19, 2024. You can look up for updates about this settlement here on OpenClassActions, or on the official settlement website.

Claim Form Website: www.FinancialAidAntitrustSettlement.com

Filing Class Action Settlement Claims

Please note that your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. By providing this information and your sworn statement of its veracity, you agree to do so under the penalty of perjury. You would also be harming others that actually qualify for the class action settlement. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website below. OpenClassActions.com is only providing information and is not a class action administrator or a law firm. OpenClassActions is a participant in the Amazon affiliate advertising program and this post may contain affiliate links, which means we may earn a commission or fees if you make a purchase via those links.

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