A federal lawsuit filed in Illinois over the weekend accuses 16 private universities — including Rice University in Houston — of using a shared formula to calculate the financial needs of student applicants in a way that unfairly limits aid to students who need it.
The lawsuit's plaintiffs are five former students from some of those schools who say the universities are violating antitrust laws, which prohibit competitors from conspiring to set prices.
A Rice University spokesperson declined to comment on the pending lawsuit.
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