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Eligible current and former students who received financial aid have started receiving payments from a $284 million settlement.
Ten elite schools, including Yale University, are sending payments to current and former undergraduate students who received financial aid from their respective schools after a 2022 lawsuit.
The lawsuit alleges that the involved universities conspired in violation of the federal antitrust laws regarding principles, formulas and methods of determining financial aid, leading the universities to provide "less financial aid than they would have provided had there been full and fair competition," according to the settlement website.
Each university involved in the lawsuit agreed to make settlement payments in varying amounts. Yale University settled for $18.5 million.
Those eligible to receive payments in the $284 million settlement include all U.S. citizens or permanent residents who were enrolled in one or more full-time graduate programs at the universities listed in the lawsuit, received some need-based financial aid from one or more involved universities and whose tuition, fees, room or board to attend was not fully covered by the combination of any types of financial aid or merit aid not including loans in any undergraduate year.
The average eligible student will receive about $2,000 from the settlement, according to the settlement website. Payments are being distributed through services such as Zelle, ACH, PayPal and Venmo.
Those who opted for a payment via physical check are expected to receive their payments by July 24.
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