More Than $49 Million in Refunds Going to DeVry University Students Following Settlement
DeVry deceptively claimed that 90 percent of its graduates seeking employment landed jobs within six months of graduation
The Federal Trade Commission (FTC) is mailing 173,000 refund checks totaling more than $49 million in compensation to DeVry University students. This stems from DeVry's allegedly misleading ads, which, according to the FTC's complaint, deceived students about their likelihood of finding jobs in their field of study and the income level they could achieve upon graduation.
The FTC says that DeVry deceptively claimed that 90 percent of its graduates actively seeking employment landed jobs in their field within six months of graduation and that graduates had 15 percent higher incomes one year after graduation on average than the graduates of all other colleges or universities.
As part of its $100 million settlement with the FTC, DeVry agreed to pay $49.4 million for partial refunds to some students and $50.6 million in debt relief. The debt forgiven included the full balance owed, $30.35 million, on all private unpaid student loans that DeVry issued to undergraduates between September 2008 and September 2015, and $20.25 million in student debts for items such as tuition, books, and lab fees.
DeVry students included in the $49 million cash settlement are those who:
- Enrolled for the first time in a bachelor's or associate's degree program at DeVry University between January 1, 2008 and October 1, 2015
- Paid at least $5,000 with cash, loans or military benefits
- Did not get debt or loan forgiveness as part of this settlement
- Completed at least one class credit
Beware of Scams
Remember, the FTC NEVER requires consumers to pay money or provide personal account information to cash a refund check. If anyone makes such a request, it's more than likely a scam and should be reported to the FTC immediately.
Recipients should deposit or cash refund checks within 60 days.
Find Out More
For further information about this case, contact the FTC's refund administrator at (844) 578-2645.
To learn more about the FTC's refund program, visit FTC.gov/refunds.