Full-time undergraduate students who attended specific universities and received need-based financial aid that did not fully cover tuition, fees, room, or board may be eligible for a cash payment from a $35.25 million class action settlement.
Participating Universities:
- Brown University
- California Institute of Technology (Caltech)
- University of Chicago
- Columbia University
- Cornell University
- Dartmouth College
- Duke University
- Emory University
- Georgetown University
- Johns Hopkins University
- Massachusetts Institute of Technology (MIT)
- Northwestern University
- University of Notre Dame
- University of Pennsylvania
- Rice University
- Vanderbilt University
- Yale University
These universities have agreed to the settlement to resolve claims that they conspired to limit financial aid awards in violation of federal antitrust laws.
Who Is Eligible to File a Claim?
You may qualify for a payment if you meet all of the following:
- Enrolled full-time as an undergraduate student at one or more of the listed universities during the specified class period.
- Received at least some need-based financial aid from one or more of those schools.
- Your aid (excluding loans) did not completely cover tuition, fees, room, or board in any undergraduate year.
- You were a U.S. citizen or permanent resident during your time at the university.
Class Periods by School:
- Fall 2003 – February 28, 2024: University of Chicago, Columbia, Cornell, Duke, Georgetown, MIT, Northwestern, Notre Dame, Penn, Rice, Vanderbilt, Yale
- Fall 2004 – February 28, 2024: Brown, Dartmouth, Emory
- Fall 2019 – February 28, 2024: Caltech
- Fall 2021 – February 28, 2024: Johns Hopkins
How Much Will Eligible Students Receive?
Payments will be distributed from the net settlement fund (after fees and expenses) on a pro rata basis based on:
- The number of years (or partial years) a student paid to attend a defendant university during the class period.
- The average annual net price (tuition, fees, room and board, minus average financial aid—excluding loans) for each year attended, adjusted for inflation.
Each claimant’s share is calculated as their total net cost divided by the total across all valid claims.
Estimated average payment: About $250 (assuming about 50% of the 200,000 eligible students file valid claims).
Maximum payout: Equivalent to four full academic years.
If any funds remain after the first round of payments and cannot be efficiently distributed, they will be donated to nonprofits that promote access to higher education for underprivileged students and families.
How to File a Claim
Eligible individuals can:
- File online at the official settlement website.
- Download and mail a completed claim form to: Financial Aid Antitrust Settlement
1650 Arch St., Suite 2210
Philadelphia, PA 19103
Deadline to submit a claim: December 27, 2025
If you already submitted a valid claim for an earlier settlement involving any of the following schools — Brown, Chicago, Columbia, Dartmouth, Duke, Emory, Northwestern, Rice, Vanderbilt, or Yale — you do not need to file another claim. You will be automatically included in this round.
Proof Required
Claimants must submit documentation showing they qualify. Acceptable examples include:
- Transcripts showing attendance
- Diplomas showing graduation
- Student ID cards dated during the class period
- Tuition or housing payment receipts
- Financial aid award letters with tuition balance or out-of-pocket costs
Additional documents may be requested to confirm eligibility.
Payment Options
Claimants can choose to receive their payment through:
- PayPal
- Venmo
- Zelle
- Virtual payment
- Paper check
Breakdown of $35.25 Million Settlement Fund
- Attorneys’ fees: Up to $11,750,000
- Attorneys’ expenses: Up to $2,750,000
- Service awards for class representatives: $2,500 each (8 total, $20,000)
- Administrative and notice costs: TBD
- Payments to eligible class members: Remainder of the fund
Key Dates
- Fairness hearing: June 23, 2025
- Claim deadline: December 27, 2025
- Payout date: After final court approval and resolution of any appeals
Why the Lawsuit Happened
The plaintiffs alleged that Caltech, Johns Hopkins, and other universities colluded to reduce financial aid by sharing information and coordinating how they calculated need. This allegedly violated federal antitrust laws and resulted in students receiving less aid than they might have under a competitive system.
The universities denied any wrongdoing but chose to settle to avoid the costs and delays of continued litigation.
More Information
Visit the official settlement website for:
