DeVry Settlement includes $100 million for refunds and debt forgiveness
The settlement includes:
- $49.4 million that the FTC will use to provide partial refunds to people who paid for DeVry classes
- $50.6 million to provide loan and debt forgiveness for students who currently owe money to DeVry.
The settlement requires DeVry University to forgive and cancel the entire unpaid balance of all private student loans issued by DeVry University between September 1, 2008 and September 30, 2015. The settlement also requires DeVry to cancel $20.25 million in debts owed to DeVry University by eligible students for things such as tuition, books and lab fees. DeVry University will send an email and letter to affected students within 30 days after the judgment is entered.
The FTC also will administer a refund program. Here are a few FAQs regarding the FTC's program:
Has the DeVry refund process started?
Not yet. The FTC plans to send refunds in 2017.
Who is eligible for a refund?
You may be eligible if you paid for DeVry classes between January 1, 2008 and September 30, 2015.
What will I need to do to get a refund?
You don’t need to do anything at this time. We will use DeVry’s records to identify people who are eligible for a refund and contact them with information about the refund program.
How much money will I get back?
If you are eligible, the refund amount will depend on how much you paid, and it may not be the full amount of your loss.
Do I need to pay anything to get a refund?
Absolutely not. The FTC never asks you to pay to file a claim or get a refund. Don't pay anyone who promises you an FTC refund in exchange for a fee.
Where can I get more information?
For the latest information about refunds, you can: