How to Apply for DeVry University Student Loan Forgiveness
The U.S. Department of Education authorised $415 million in borrower defence claims from student loan debtors in February 2022. Of that total, about $71.7 million was allocated to reimburse about 1,800 former DeVry University students. Former students of DeVry University (a private, for-profit university chain with headquarters in Naperville, Illinois) may be eligible for loan cancellation.
The Department of Education is “continuing to process new and old applications and expects to approve additional claims,” as stated on an FTC resource page for former DeVry students. As of August 16th, the department had already announced in a press release that it “anticipates the number of authorised discharge amounts to climb as it continues to assess further petitions from former DeVry students.”
The U.S. Department of Education concluded that DeVry “repeatedly deceived” prospective students about its job placement rate
The Department of Education issued a press release in February 2022 saying that after reviewing “vast amounts of evidence,” it had concluded that DeVry University had “repeatedly misled” prospective students by saying that 90% of DeVry graduates who actively seek employment found jobs related to their field of study within six months of graduation.
The government agency found that DeVry’s job placement rate was closer to 58%. Some of the 90% had already found employment before enrolling at DeVry. Departmental research also revealed that DeVry “excluded from its computation substantial numbers of graduates who were in fact actively seeking for job merely because they did not conduct a search in the manner that the University’s Career Services department recommended.”
And according to the Department of Education’s update dated August 16th, the institution “can submit information and arguments for why it should not be required to pay these liabilities or request a hearing before the Department’s Office of Hearings and Appeals.” DeVry is responsible for nearly $24 million in approved borrower defence claims.
How to Apply
DeVry University, like many other post-secondary institutions, offers student loan forgiveness programs to help graduates who struggle to repay their loans. To apply for student loan forgiveness through DeVry University, you will need to follow these steps:
- Gather all necessary documentation. This includes your loan statement, income proof, employment, and other relevant financial documents.
- Review the eligibility requirements for the loan forgiveness program. DeVry University offers several different loan forgiveness programs, each with its eligibility criteria. Ensure you understand the specific requirements for the program you are interested in before applying.
- Complete the application for loan forgiveness. This can typically be done online through the DeVry University website or by contacting the school’s financial aid office.
- Submit the application and all required documentation. Double-check that all information is accurate and complete before submitting your application.
- Wait for a decision. Reviewing and approving loan forgiveness applications can take several weeks or even months. Be patient and keep in touch with the school’s financial aid office for updates on the status of your application.
- If approved, follow the instructions provided by the school to begin the loan forgiveness process. This may include enrolling in a repayment plan or consolidating your loans.
It is important to remember that loan forgiveness programs are typically only available to borrowers who meet certain income and employment criteria. Additionally, not all loans are eligible for forgiveness, so it is important to review the specific terms and conditions of the program you are interested in before applying.
It is also important to mention that federal loan forgiveness programs are available, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. It is advisable to research and compare the options and see which one applies to you and which one is more beneficial.
Loan forgiveness may be available for former DeVry students who submit a Borrower Discharge Claim
According to the FTC, former DeVry University students who have yet to file a borrower defence claim may do so through the university’s Borrower Defense Loan Discharge webpage.
As stated on that page, borrowers of federal student loans who “attended a school that you believe misled you or engaged in other misconduct, or can demonstrate that the school violated state law related to your loan or to the educational services provided,” are encouraged to fill out this 30-minute application. You will require a Federal Student Aid ID (FSA ID), dates of enrolment, and proof of borrower defence documents to complete this.
If your borrower defence claim is authorised, the Department of Education will send you an email, and you can also use the “Manage Applications” section of the same Borrower Defense Loan Discharge portal to see where you stand.
In summary, applying for student loan forgiveness through DeVry University involves the following:
- Gathering the necessary documentation.
- Reviewing the eligibility requirements.
- Completing and applying.
- Waiting for a decision.
It is important to remember that loan forgiveness programs have specific eligibility criteria, and not all loans are eligible. Additionally, it is also important to research federal loan forgiveness programs and compare the options to see which one applies to you and which is more beneficial.