University of Chicago agrees to pay $13.5 million to students after being accused of participating in a 'price-fixing cartel' with other prestigious schools to limit financial aid

• University of Chicago agreed to a $13.5 million settlement over claims it conspired with top colleges over financial aid.
• Five former students accused 16 top schools in 2022 of working together to limit financial aid packages.
• UChicago is the first school to resolve those claims, and the settlement now awaits the court's approval.

The University of Chicago became the first of 16 top schools to settle claims it engaged in a scheme to keep financial aid packages low.