Feds announce $100 million settlement with DeVry over misleading ads

In January, the federal government sued operators of DeVry University, alleging they misled consumers about the job and earnings potential of their graduates. Today, the Federal Trade Commission announced a $100 million settlement with DeVry Education Group, parent of DeVry University.

Under the settlement, DeVry will pay $49.4 million in cash to be distributed to qualifying students who were harmed by the deceptive ads, as well as $50.6 million in debt relief. The debt being forgiven includes the full balance owed—$30.35 million—on all private unpaid student loans that DeVry issued to undergraduates between September 2008 and September 2015, and $20.25 million in student debts for items such as tuition, books and lab fees, according to the FTC.

Based in Illinois, DeVry has more than 55 campuses across the country including five in the metro area in Alpharetta, Atlanta, Decatur, Duluth and Stockbridge. The university offers online or on-campus degree programs in business, technology and health care technology.