DeVry Education Group Statement on U.S. Department of Education Limitation Action Settlement
October 13 2016 - 1:04PM
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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version on businesswire.com: http://www.businesswire.com/news/home/20161013006323/en/
DeVry Education GroupMedia Contact:Ernie
Gibbleegibble@devrygroup.com630-353-9920orInvestor Contact:Joan
Walterjwalter@devrygroup.com630-353-3800
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