By Luc Cohen

NEW YORK, (Reuters) – Five college students from the United States have filed lawsuits against 16 universities, including Yale, Columbia, and University of Chicago. They claim that they conspired to reduce financial aid for undergraduate students, in violation of antitrust laws.

According to the plaintiffs, they are seeking class-action status because of their claim of collusion that has reduced price competition and led 170,000 financial aid recipients overcharged hundreds millions of dollars over the span of 20 years.

They are all members of the Presidents Group (568), a network of colleges and universities that share common principles in financial aid.

Plaintiffs insisted that “elite private universities, such as the defendants, are gatekeepers for the American Dream.” “Defendants’ misconduct has narrowed the pathway to upward mobility and is thus particularly shocking.”

Yale, Columbia, University of Chicago and University of Chicago declined to comment immediately on Monday. The President’s Group 568 did not respond to an email sent to them.

According to the College Board, tuition increases at U.S. private universities have outpaced inflation over recent decades.

According to their websites, the undergraduate tuition for Yale and Columbia is currently $59,950, and $60,514, respectively.

In a lawsuit in Chicago Federal Court, the plaintiff seeks unspecified triple damages from financial aid recipients for attending these schools between 2003 and 2005 as well as their parents.

Numerous schools provide financial assistance based on income. This is known as need-based aid.

According to the 568 Presidents Group, universities are not dependent on financial aid for admissions.