Abstract
This paper analyzes the role of financial aid coordination among the group of top northeastern colleges and universities known as the Overlap Group. Members of the Overlap Group met annually to tailor financial aid packages so that the out-of-the pocket contribution of parents to their children's education was the same regardless of the school the students chose to attend. I argue that the practices and stability of the Overlap Group are difficult to reconcile with traditional cartel theory and that financial aid coordination was a solution to organizational problems encountered in the education industry, particularly, to matching and externality problems arising in the allocation of elite students among educational institutions.
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