U.S. Opens Antitrust Investigation Into Colleges' Talk of Student-Aid Reform

The U.S. Department of Justice has begun an investigation into "a possible agreement" among colleges to reform their financial-aid policies, according to a letter sent last month to at least two college presidents.

The investigation, several sources said, was prompted by recent discussions among a handful of college officials about how—or whether—they could collaborate to limit their use of merit-based financial aid and reduce bidding wars for applicants.

In the