DeVry Education Group to Lower Threshold on Federal Funding
September 20 2016 - 7:00AM
Business Wire
Its Six Title IV Institutions Will Derive No
More Than 85 Percent of Revenue From Federal Funds, Including
Military and VA
DeVry Education Group (NYSE:DV), a leading global education
provider, said today it will voluntarily limit the amount of
revenue that each of its six Title IV institutions derive from
federal funding to 85 percent, including Department of Veterans
Affairs and military tuition assistance benefits.
Current federal regulations allow for-profit higher education
institutions to derive 90 percent of their revenue from Title IV
federal student aid. VA and other military tuition assistance
benefits are not included in the 90 percent calculation. Under the
new plan, DeVry Group’s institutions will receive no more than 85
percent of revenue from federal student aid – including VA and
military benefits. DeVry Group commits to meeting the threshold by
the end of its fiscal year in 2017, will publicly report on this
commitment annually, and will continue to remain below that
threshold in the future.
“This is a significant pledge that DeVry Group is voluntarily
making for the long term and it underscores our commitment to
finding solutions to the issues facing higher education today,”
said Lisa Wardell, president and CEO of DeVry Education Group.
“This is part of a broader effort to improve our policies and
demonstrate the quality and value of our programs.”
The 85/15 commitment is one of a larger set of institutional
reforms DeVry Group is developing and believes will set a new
standard in higher education. DeVry Group is working with and
seeking input from a variety of stakeholders on those commitments,
which will be announced later this year.
“As we continue to engage with key stakeholders, we look forward
to sharing details of the other commitments when they are
finalized,” Wardell added.
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.
Certain statements contained in this release concerning DeVry
Group's future performance, including those statements concerning
DeVry Group's expectations or plans, may constitute forward-looking
statements subject to the Safe Harbor Provision of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements generally can be identified by phrases such as DeVry
Group or its management "believes," "expects," "anticipates,"
"foresees," "forecasts," "estimates" or other words or phrases of
similar import. Actual results may differ materially from those
projected or implied by these forward-looking statements. Potential
risks, uncertainties and other factors that could cause results to
differ are described more fully in Item 1A, "Risk Factors," in
DeVry Group's most recent Annual Report on Form 10-K for the year
ending June 30, 2016 and filed with the Securities and Exchange
Commission (SEC) on August 25, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20160920005267/en/
DeVry Education GroupInvestor Contact:Joan
Walterjwalter@devrygroup.com630-353-3800orMedia Contact:Ernie
Gibbleegibble@devrygroup.com630-353-9920
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