Also Duke, Brown. Georgetown and several others named in lawsuit claiming they formed a cartel to limit tuition aid for students.
Penn and other top schools named in lawsuit
- Thread starter Alphalion75
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If I understand the suit correctly, it's alleging tuition is raised for those receiving aid. So the student is being charged more and in effect is receiving less aid. Is that the crux?? I'm not sure how all the financial aid stuff works these days. I'm sure there is a lot of nuance and both sides will be spinning the issue like there's no tomorrow. The university spokesmen in the link say they're "100% compliant" and there is "no merit" to the allegations which leads me to believe the allegations are basically true but the universities feel the letter of the law allows them to do it.
If I understand the suit correctly, it's alleging tuition is raised for those receiving aid. So the student is being charged more and in effect is receiving less aid. Is that the crux?? I'm not sure how all the financial aid stuff works these days. I'm sure there is a lot of nuance and both sides will be spinning the issue like there's no tomorrow. The university spokesmen in the link say they're "100% compliant" and there is "no merit" to the allegations which leads me to believe the allegations are basically true but the universities feel the letter of the law allows them to do it.
Harvard, Princeton, Stanford noticeably absent...Notre Dame was included though.
My nephew received a letter from the financial aid office after Thanksgiving saying that because of covid hardships students who were in financial difficulty could ask for a "higher cost basis" to get more student loans. You wonder how is this not predatory lending until you realize these are government backed loans and the universities are being allowed to do this.
No, a smaller school in NC where he's getting his pharmacy degree. I have two other nieces getting their undergrads at smaller schools, one in PA and one in Va who did not receive letters but were curious and asked their financial aid offices and were told the same thing. None of them took the "offer" but it was quite shocking. I made my nephew show me the letter, and sure enough you can ask for higher rates so that you can ask for bigger loans to have more left over.
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No, a smaller school in NC where he's getting his pharmacy degree. I have two other nieces getting their undergrads at smaller schools, one in PA and one in Va who did not receive letters but were curious and asked their financial aid offices and were told the same thing. None of them took the "offer" but it was quite shocking. I made my nephew show me the letter, and sure enough you can ask for higher rates so that you can ask for bigger loans to have more left over.
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Man, that is dirty.
Just ask yourself who makes money from student lending- the law is written for those people**** me I don't understand how it is even remotely legal.
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I may be off but if memory serves me correct I think I remember the federal government asking/telling ivy league schools to substantially increase their aid to students since their endowment funds were just off the charts and use funds to allow chunks of students to attend for free or very little tuition ...
I think you are correct. Iirc that if your AGI was less than $160k you were going to like Princeton Davidson etc for free
Just don’t own any mutual funds!!
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