Financial aid has not been allocated fairly- this is the ground for suing sixteen elite universities in the US for antitrust in the way they allocate and award financial-aid to students. Decades of established formulas and collaboration may shatter with this lawsuit.
On January 9, late Sunday, a lawsuit was filed against sixteen U.S universities by five former students who had attended some of those schools. The basis of filing this lawsuit is intriguing on unfair ways to favor the wealthy communities in the U.S. It claims that these Universities are engaging in unfair treatment and fixing the financial aid.
Under federal law, these universities use a given formula, in collaborative basis for the way they award the financial aid; but this formula is allowed only if they don’t have admission-decisions based on the financial needs of the candidate who applied. Thus, the lawsuit alleges that they do consider and weigh- in the ability of students to pay. They alleged further that, therefore, there is no ground for antitrust exemption.
Going forward this might change how the admissions are done to the elite university and how the financial awards are given to the candidate. so, it’s an interesting future that’s coming up with this major sixteen universities in the US. I see it as a game changer for the future financial aid and its allocation to the student candidates who has applied for financial aid and the methodology and formula of awarding may change.
As plaintiff, 170,000 former undergraduate students are eligible who had received partial financial aid in, going back up to 17 to 18 years. The lawsuit was filed in the Northern District of Illinois. Names of the some of the universities like Brown University, Yale, Georgetown and Northwestern, Rice University and Vanderbilt University, the Massachusetts Institute of Technology , the California Institute of Technology, the University of Chicago, Columbia University, Cornell University, Dartmouth College, Duke University, Emory University, the University of Notre Dame, the University of Pennsylvania. Check here for more details from Wall Street Journal.
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