History
In response to several prestigious colleges and universities holding "Overlap Meetings" to set similar tuition and financial aid levels, the Justice Department began an antitrust investigation in 1989 and in 1991 filed an Sherman Antitrust Act suit against 57 colleges and universities. While the Ivy League institutions settled, MIT contested the charges on the grounds that the practice was not anticompetitive because it prevented bidding wars over promising students from consuming funds for need-based scholarships and ensured the availability of aid for the greatest number of students. MIT ultimately prevailed when the Justice Department settled the case in 1994.
In 1994, Congress passed the Improving America's Schools Act. Section 568 of this Act that expands upon the issues in the MIT settlement. Section 568 states that is not unlawful under the anti-trust laws for two or more need-blind institutions to agree or attempt to agree:
- to award financial aid only on the basis of need;
- to use common principles of analysis for determining need;
- to use a common aid application form; and
- to engage in a one-time exchange of certain pre-award data of commonly admitted financial aid students.
The amendment specifically prohibits the sharing of any information on the amount or terms of any prospective, individual aid award and makes clear that the exemption does not apply to the awarding of federal financial aid.
Read more about this topic: 568 Group
Famous quotes containing the word history:
“In history the great moment is, when the savage is just ceasing to be a savage, with all his hairy Pelasgic strength directed on his opening sense of beauty;—and you have Pericles and Phidias,—and not yet passed over into the Corinthian civility. Everything good in nature and in the world is in that moment of transition, when the swarthy juices still flow plentifully from nature, but their astrigency or acridity is got out by ethics and humanity.”
—Ralph Waldo Emerson (1803–1882)
“The custard is setting; meanwhile
I not only have my own history to worry about
But am forced to fret over insufficient details related to large
Unfinished concepts that can never bring themselves to the point
Of being, with or without my help, if any were forthcoming.”
—John Ashbery (b. 1927)
“In front of these sinister facts, the first lesson of history is the good of evil. Good is a good doctor, but Bad is sometimes a better.”
—Ralph Waldo Emerson (1803–1882)