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TLDR:
Northwestern University has agreed to settle a class-action lawsuit for $43.5 million along with other elite universities, accused of price-fixing in financial aid. The suit alleged that universities were not truly need-blind in admissions and engaged in a price-fixing scheme, driving up costs for students on financial aid. Northwestern denies any wrongdoing but has settled to focus on its core mission.
Northwestern to Pay $43.5 Million in Financial Aid Lawsuit
Northwestern University has agreed to settle for $43.5 million in a class-action lawsuit against universities accused of price-fixing in financial aid admissions. Key points include:
- 17 elite universities accused of price-fixing in financial aid admissions.
- Allegations suggest a price-fixing scheme that drives up costs for students on financial aid.
- Northwestern denies wrongdoing but settles for $43.5 million to focus on its mission.
- Other universities involved in the settlement include Dartmouth College, Rice University, and Vanderbilt University.
Overall, the settlement with multiple universities amounts to $166 million in total. Northwestern maintains its commitment to funding financial aid for the majority of its undergraduate students and prioritizes the personal and intellectual growth of its students.
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