Students at 10 Elite Schools Begin Receiving $284M Financial Aid Settlement Payments

The first batch of payments to current and former students who attended 10 elite schools was distributed on July 20. The payments come from a $284 million financial aid antitrust settlement tied to allegations that the schools participated in a “price-fixing cartel.” Students alleged the conduct favored wealthy students, reduced financial aid packages, and overcharged recipients by at least hundreds of millions of dollars, according to the lawsuit. The schools denied wrongdoing and agreed to settlement payments to resolve the claims.

According to the settlement website cited by Business Insider, current and former students who attended Brown, University of Chicago, Columbia, Dartmouth, Duke, Emory, Northwestern, Vanderbilt, Rice, and Yale are set to receive payments. The average payment is $2,000. The list is important for students and alumni who received need-based financial aid and may now see a deposit through their selected payment method.

Current and former students are expected to receive payments if they were enrolled full-time in one of the listed schools’ undergraduate programs. They also must have received need-based financial aid from the school. Another stated condition is that tuition and room and board costs were not fully covered by the financial aid they received.

Payments are being sent through ACH, PayPal, Zelle, and Venmo. Students who selected a physical check are expected to receive it by July 24. If you may be covered, the practical takeaway is simple: check the payment account or mailbox tied to your settlement selection.