This morning, DeVry University has reached a $100 million settlement with the FTC resolving allegations that the school used phony stats to deceive students about its graduates’ job placement rates.
The university is expected to pay a shade under $50 million to be distributed by the FTC, and will forgive $30.4 million in loans and $20.2 million in account balances for former students. DeVry also said it has agreed to change its practices to “maintain specific substantiation” about graduates’ outcomes.
“When people are making important decisions about their education and their future, they should not be misled by deceptive employment and earnings claims,” FTC Chairwoman Edith Ramirez said in a statement. “The FTC has secured compensation for the many students who were harmed, and I am pleased that DeVry is changing its practices.”