Top Private Universities Accused of Financial Aid Conspiracy (2)

College Board, a nonprofit behind college admissions programs, and 40 private universities face a proposed class action accusing them of a scheme tied to financial aid that violates US antitrust law and exacerbates student debt.

The complaint, filed Monday in the US District Court for the Northern District of Illinois, targets an alleged effort by College Board to require schools to consider the income and assets of “noncustodial parents” when making determinations on nonfederal financial aid.

Leaders from such institutions as Harvard University and Northwestern University agreed to adopt the collective aid strategy, which interfered with the competitive process and ...