Last Updated on January 3, 2024
If you attended DeVry University, you may be in for some very surprising news.
Many DeVry students are currently benefiting from settlement money and loan forgiveness programs.
If you are a prior enrolled student, you may be eligible for total loan forgiveness!
What Happened At DeVry University?
DeVry University has had ongoing class-action lawsuits filed against it. These lawsuits are the results of false statistics put forward by DeVry. Post-graduation statistics about employment opportunities have been proven false.
Before 2008, DeVry had stated that 90% of its graduates found field-related work within six months of graduation. DeVry has been unable to back these claims. Alumni have demonstrated that they are victims of fraudulent information. Alumni have expressed they would not have attended DeVry if they had not been misled.
Besides the class-action lawsuits, there have been several settlements reached. These settlement agreements are between Federal Trade Commission (FTC) and DeVry University. The settlements with the FTC regarded loan forgiveness for prior enrolled students. To date, the FTC and DeVry have reached settlement agreements to award over 48 million dollars back to students.
Alumni have explained their choice to attend DeVry was based upon false claims by the University. Despite these claims against the University, DeVry remains open for business. The school continues to gain millions of dollars in student loans.
How Does DeVry Student Loan Forgiveness Work?
The U.S. Department of Education has announced over $415 million of debt forgiveness for specific borrowers. These borrowers make up almost 16,000 students who took on federal student loans. DeVry University and ITT Technical Institute make up the bulk of eligible students.
Students are promised relief via a special legal provision offered by the Department of Education. This provision falls under the Borrowers Defense act and has been created for students who were misled.
DeVry students enrolled during the 2008-2015 school calendar are the primary recipients. Compensation and debt forgiveness should be investigated for these students.
How Can Students Gain Settlement Money?
Settlements with the Federal Trade Commission are now available to students. The FTC pursued settlement options for students due to fraudulent tactics. These tactics employed by DeVry encouraged students to enroll in their school. Now, DeVry must pay students settlement money.
The FTC first mentioned partial refunds to students in July 2016. To date, DeVry has paid over 48 million in refunds to students. The specific requirements students need to meet to receive these funds are:
- Have been enrolled at DeVry University from 2008 up to 2015.
- Need to have already paid $5,000 in either military benefits, cash, or loans.
- Successfully completed at least one school credit.
- Have not yet received loan forgiveness from DeVry.
These settlements were surprising in the world of high education. For the first time, a large university was required to pay students back. The average amount students received from these settlements was only $300. This amount does not begin to compensate for the debt they have.
In addition to settlement entitlements, there are other options available. Students who qualify for settlements may also be eligible for loan forgiveness.
What Programs Are Available For Student Loan Forgiveness?
Students with federal student loans and private student loans have different options. They will need to take different paths toward debt forgiveness and help with their loans. Currently, the best solution for students with federal student loans is through the BDAR program.
Borrowers Defense To Repayment Program
One of the lesser-known programs for student loan forgiveness is not shared enough. Known as the Borrowers Defense To Repayment Program, it is very powerful. It is an excellent option for students who qualify. The advantage of this program is that it can wipe out student debt in full.
To start this process, students will need to submit a BDAR application. Students with private loans are not eligible for this program. Also, students must meet the following requirements:
- Be able to prove that DeVry University misled you during your enrollment.
- Prove that DeVry University violated state law related to your federal loan.
- Prove the services that DeVry University promised to provide were false claims.
Private Student Loan Forgiveness Help
It is unfortunate that not every student gets the help they deserve. For students with private student loans, this is most often the case. Students who received loans from DeVry or the federal government have better options. Banks and private businesses that offer private loans will seldom provide loan forgiveness.
It is important you continue to pay your student loans. Many students who may not qualify for the BDAR program may qualify for settlement money. This settlement money available is not enough to cover large student loan debt. Most of the awarded money only amounts to several hundred dollars.