Ten elite universities settle for disclosed amount in financial aid lawsuit; MIT not among them
A settlement of a total of $284 million from seventeen universities implicated a lawsuit alleging collusion across these institutions in allocating financial aid for students.
MIT was one of the schools named. The list included Brown, Caltech, UChicago, Columbia, Cornell, Dartmouth, Duke, Emory, Georgetown, Johns Hopkins, Northwestern, Notre Dame, UPenn, Rice, Vanderbilt, and Yale. Ten of the aforementioned schools have settled for publicly disclosed values ranging from $13.5 million at Chicago to $55 million at Vanderbilt.
MIT has not yet settled for any amount: according to the settlement, those from MIT who are eligible must have received need-based financial aid from the fall of 2003 through the date the Court “enters an order preliminarily approving the Settlement.”