DOWNERS GROVE, Ill.--(BUSINESS WIRE)--
DeVry University has reached an agreement with the U.S. Department of
Education regarding its Jan. 27, 2016 Notice of Intent to Limit. The
Notice related narrowly to a specific graduate employment statistic
previously used by DeVry University, calculated since 1975. The Notice
contended that DeVry University was required to maintain
student-specific data to substantiate this historical graduate
employment rate and that DeVry University lacked such student-specific
data for the period from 1975 to October 1980. The Department further
contended that DeVry University was required to keep its Career Services
Manuals to substantiate its rates but that DeVry University’s earliest
manual was from 1983. DeVry University produced to the Department
campus-level summaries of graduate outcome data for the period from 1975
to October 1980 and student-specific data from October 1980 forward, as
well as Career Services Manuals from 1983 forward.
The settlement includes, among other things, an agreement to no longer
use the statistic in question or to make any other representations
regarding the graduate employment outcomes of DeVry University graduates
from 1975 to October 1980. DeVry will also refrain from making any
future graduate employment representations without possessing
graduate-specific information, and, for five years after the effective
date of the settlement, to post a letter of credit with the Department
equal to 10 percent of DeVry University’s annual Title IV disbursement.
Also as a result of the settlement agreement, DeVry University’s
participation in Title IV programs will be under provisional
certification. The settlement in no way hinders DeVry University’s
ability to serve current or future students. DeVry University is pleased
to have resolved the Notice in full cooperation with the Department and
continues to cooperate with the Department to resolve the remainder of
its August 2015 investigation. The settlement allows DeVry University to
continue communicating its strong student outcomes, while providing
assurances regarding the extent of its graduate employment data.
About DeVry Education Group
DeVry Education Group empowers its students to achieve their educational
and career goals. DeVry Education Group Inc. (NYSE: DV; member S&P
MidCap 400 Index) is a leading global education provider and the parent
organization of American University of the Caribbean School of Medicine,
Becker Professional Education, Carrington College, Chamberlain College
of Nursing, DeVry Brasil, DeVry University and its Keller Graduate
School of Management, Ross University School of Medicine and Ross
University School of Veterinary Medicine. For more information, please
visit www.devryeducationgroup.com.
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DeVry Education Group
Media Contact:
Ernie Gibble
egibble@devrygroup.com
630-353-9920
or
Investor
Contact:
Joan Walter
jwalter@devrygroup.com
630-353-3800
Source: DeVry Education Group