$284 Million Settlement for Financial Aid Recipients
A class action settlement has been reached totaling $284 million. These payments will go to students who received need-based financial aid to cover some but not all costs (tuition, fees, room, and board) to attend 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, or Yale University. It covers 10 of 17 defendants.
- Chicago has agreed to make a settlement payment of $13.5 million.
- Emory has agreed to make a settlement payment of $18.5 million.
- Yale has agreed to make a settlement payment of $18.5 million.
- Brown has agreed to make a settlement payment of $19.5 million.
- Columbia has agreed to make a settlement payment of $24 million.
- Duke has agreed to make a settlement payment of $24 million.
- Dartmouth has agreed to make a settlement payment of $33.75 million.
- Rice has agreed to make a settlement payment of $33.75 million.
- Northwestern has agreed to make a settlement payment of $43.5 million.
- Vanderbilt has agreed to make a settlement payment of $55 million.
The lawsuit alleges that the Universities conspired in violation of the federal antitrust laws regarding principles, formulas, and methods of determining financial aid. The Action also alleges that as a result, the Universities provided less financial aid than they would have provided had there been full and fair competition.
The Universities have alleged that Plaintiffs’ claims lack merit; that the Universities’ financial aid policies were legal and pro-competitive, and financial aid awards were not artificially reduced; that the Universities have valid defenses to Plaintiffs’ allegations; and that Plaintiffs’ claims would have been rejected prior to trial, at trial, or on appeal.
Check out all the details below and file a claim on or before June 13, 2023.
Who’s Eligible for this Settlement?
Eligible class members include U.S. citizens or permanent residents who have during the Class Period (a) enrolled in one or more of Defendants’ full-time undergraduate programs, (b) received at least some need-based financial aid from one or more Defendants, and (c) whose tuition, fees, room, or board to attend one or more of Defendants’ full-time undergraduate programs was not fully covered by the combination of any types of financial aid or merit aid (not including loans) in any undergraduate year.
The Class Period is defined as follows:
- For Chicago, Columbia, Cornell, Duke, Georgetown, MIT, Northwestern, Notre Dame, Penn, Rice, Vanderbilt, Yale—from Fall Term 2003 through February 28, 2024.
- For Brown, Dartmouth, Emory—from Fall Term 2004 through February 28, 2024.
- For CalTech— Fall Term 2019 through February 28, 2024.
- For Johns Hopkins— Fall Term 2021 through February 28, 2024.
If you are not sure whether you are part of the Settlement Class, contact the Claims Administrator at:
- Call the toll-free number, 1-833-585-3338.
- Write to: Financial Aid Antitrust Settlements, c/o Claims Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103
Related:Â See All Settlement Rebates Here
Settlement Payout
Brown University, the University of Chicago, the Trustees of Columbia University in the City of New York, Trustees of Dartmouth College, Duke University, Emory University, Northwestern University, William Marsh Rice University, Vanderbilt University, and Yale University have agreed to provide, collectively, $284 million in cash for the benefit of the Settlement Class as part of a Settlement Fund.
At this time, it is not known precisely how much each member of the Settlement Class will receive from the Net Settlement Fund or when payments will be made. It is estimated to be about $2,000.
Filing a Claim
The claim form is not available yet. If the Court approves the Settlements, the Court will at that time approve a Claim Form and set a deadline for members of the Settlement Class to submit claims.
At that time, to receive a payment, you must submit a Claim Form. The Claim Form for Settlement Class members will be posted on the Settlement website and available by calling the toll-free number 1-833-585-3338.
Members of the Settlement Class will be able to submit claims electronically using the Settlement website or by email or through first class mail. A Claim Form will also be mailed to members of the Settlement Class for which the Claims Administrator has valid and current addresses.
