How will I pay for my education?
Financial Aid Guide
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Using Federal Financial Aid
Federal financial aid is determined by a number of factors
1. Financial Need:
Financial Need is based on the following formula:
Cost of Education (Direct and Indirect Costs)
– Expected Family Contribution (EFC)
= Financial Need
Direct Costs: Tuition, fees, books and supplies.
Indirect Costs: Transportation, personal expenses, and room and board.
EFC: Expected Family Contribution is determined by a federally defined formula using
information you provide on your Free Application for Federal Student Aid (FAFSA).
To best determine your eligibility, it is important that you inform DeVry Student Finance of recent changes to
your family’s financial situation (loss of job or income, change in marital status, death of a family member, etc.)
in writing with as much detail as possible.
2. Eligibility for Federal Programs:
In order to qualify for federal financial assistance, you must:
• Enroll as a degree-seeking student.
• Not be in default on a federal educational loan.
• Be a U.S. citizen or an eligible noncitizen.
• Not owe a refund on a federal educational grant.
• Demonstrate financial need.
•Register with Selective Service (if you are a male
born on or after January 1, 1960, over 18 years of
age and not currently in the armed forces).
• Make satisfactory academic progress.
3. Dependency Status:
The federal government has established how dependency status is determined for federal financial aid
purposes. If a student is considered a dependent, his or her parents’ income and asset information must be
included on the FAFSA. This information will be used in addition to the student’s income and asset information
to determine the Expected Family Contribution (EFC). The following questions will determine if you are an
independent or dependent student.
Yes | No
Were you born before January 1, 1988?
As of today, are you married?
At the beginning of the 2011-2012 school year, will you be working on a master’s or doctorate
program?
Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
Are you a veteran of the U.S. Armed Forces?
Do you have children who will receive more than half of their support from you between July 1, 2011
and June 30, 2012?
Do you have dependents (other than your children or spouse) who live with you and who receive more
than half of their support from you, now and through June 30, 2012?
When you were age 13 or older, were both your parents deceased, were you in foster care or were you
a dependent/ward of the court?
As of today, are you an emancipated minor or in legal guardianship as determined by a court in your
state of legal residence?
At any time on or after July 1, 2010, were you an unaccompanied youth who was homeless or at risk of
being homeless?
If you answered YES to ANY of these questions, you are independent and
do not need to include your parents’ financial information.
If you answered NO to ALL of these questions, you are dependent and
must include your parents’ financial information, too.
Need more help?
Feel free to contact your local
Student Finance Professional.
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Types of Financial Assistance – G
Grants and Scholarships
Grants and scholarships are aid provided by DeVry, federal or state governments, or other outside sources that
DOES NOT need to be repaid. There are criteria you must meet in order to qualify, depending on the aid program.
Federal Supplemental Educational Opportunity Grants (SEOG):
Federal Pell Grants:
Grants for undergraduate students (who have not earned a
prior bachelor’s degree) range from $400 to $5,550 for the
academic year. The actual amount of the grant is based on
the cost of the education, number of hours enrolled and the
Federal Pell Grant regulations.
Grants for undergraduate students (who have not earned a prior bachelor’s degree)
who show exceptional need; SEOG grants range up to $500 per semester for those who
qualify. The federal government provides the school with a limited pool of money. When
the funds are exhausted, no more funds are awarded for the year.
State-Funded Programs:
Many states have grant and scholarship programs that provide funding to students who demonstrate financial need or have successfully achieved certain
academic qualifications. Recipients are typically required to:
• attend a location within the state of legal residence, and
• provide proof of residency.
DeVry currently participates in state-funded programs in the following states:
Arizona
Florida
Minnesota
California
Georgia
Nevada
Colorado
Illinois
New Jersey
New York
Oklahoma
Pennsylvania
Rhode Island
Vermont
Go to finance.devry.edu/devry/aid-US/state-aid/index.action for program details.
DeVry Scholarships and Grants:
Outside Scholarships:
DeVry offers scholarships and grants each year for students who meet
specified criteria. For scholarship and grant consideration, students are
encouraged to apply for admission as soon as possible.
Many outside scholarships are available from various sources.
For more information on outside scholarships, visit DeVry’s website at:
devry.edu/financial-aid-tuition/scholarships/outside-scholarships.jsp
Please refer to DeVry’s website under the Financial Aid section for
more information.
Did you know?
DeVry University is committed to helping you find the money to earn your degree and start your career.
DeVry offers more than $29 million in scholarships annually. This funding doesn’t need to be repaid.
Scholarships are limited, so apply early to be considered.
Additional Resources:
Federal Work–Study (FWS):
Employer Tuition Assistance:
Veterans and Military Benefits:
Provides part-time work for students on or
off campus. Wages are paid directly to the
student through a combination of federal
and institutional or agency funds.
A number of students receive tuition
reimbursement from their employers.
For students whose companies finance
their education, a direct billing arrangement
between the employer and DeVry may
be possible.
Many students are eligible for GI Bill benefits
and/or tuition assistance based on their
prior or current military service. Active-duty
military students may be eligible for tuition
assistance through their branch of service
or stationed base. DeVry will invoice the
appropriate agency or base on a semester
basis. For more information, contact your
Student Finance Office.
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– Grants, Scholarships and Loans
Loans
Loans are aid that must be repaid once you have graduated or stopped attending school.
Qualification may be based on need, and in some cases, a credit check may be required.
Federal Stafford Loans:
Low-interest loans that offer in-school deferment provided the student is enrolled in at least six credit hours per semester. Loan amounts are based on the
number of credit hours earned toward your DeVry degree. Eligibility for a subsidized Stafford Loan is based on need.
Independent Students: Eligible for a maximum combined Stafford Loan (subsidized and unsubsidized)
in the amount of:
Maximum/Semester
Maximum/Academic Year
Freshman:
$4,750
$9,500
Sophomore:
$5,250
$10,500
Junior and Senior:
$6,250
$12,500
Dependent Students: Eligible for a maximum combined Stafford Loan (subsidized and unsubsidized)
in the amount of:
Maximum/Semester
Maximum/Academic Year
Freshman:
$2,750
$5,500
Sophomore:
$3,250
$6,500
Junior and Senior:
$3,750
$7,500
• Interest rates are fixed at 3.4% for subsidized loans and 6.8% for unsubsidized loans disbursed after July 1, 2011.
• Once you graduate, leave school or enroll for less than six credit hours per semester, you will have a six-month grace period before repayment begins.
Federal Perkins Loans:
Federal Parent PLUS Loans:
Low-interest subsidized loans awarded to students who demonstrate exceptional need.
•Up to $500 per semester.
•5% fixed interest rate.
•Once you graduate, leave school or enroll for less than six credit hours
per semester, you will have a nine-month grace period before repayment begins.
Unsubsidized loans specifically for the parents of dependent
students.
•Interest rate is fixed at 7.9% for loans disbursed after
July 1, 2006.
•Parent may borrow up to a maximum of the student’s
unmet costs (cost minus aid per academic year).
•A credit check on the parent will establish
creditworthiness.
•Repayment begins 60 days after the loan is fully disbursed,
but payments can be deferred.
Private Loans:
Loans provided by outside resources.
•Private education loans through lenders offer competitive interest rates and borrower
benefits, including deferment options. Visit DeVry’s Student Finance website at
finance.devry.edu for more information.
• Home equity or retirement fund loans.
• Private loans through banks and credit unions.
DeVry Loans:
Low-interest financing program with extended repayment terms.
•12% fixed interest rate.
•Loan funds may be used for direct costs (tuition, fees, books and DeVry housing programs).
•Continued funding available as long as you make your monthly payments.
•Repayment begins immediately with a minimum monthly payment of $100 due while in school.
•Up to 5 years to repay your loan after graduating or leaving school.
• To be considered for the DeVry Loan, you must have exhausted all other lending options.
The parent borrower must be:
•One of the student’s biological parents,
•One of the student’s adoptive parents, or
•The stepparent whose information was included
on the student’s FAFSA.
A DeVry education is an
investment that will pay off
for years to come. Over 80%
of DeVry students take out
some sort of loan to finance
their education.
Definitions:
Subsidized Loan: The government pays interest on the loan while the student is in school. Once the student graduates, leaves school or enrolls for less than
six credit hours per semester, the borrower will have a grace period and then must assume responsibility for paying interest on the loan.
Unsubsidized Loan: The borrower is responsible for paying interest on the loan once the loan is disbursed to the student’s account.
Deferred Loan Payments: A period of time when the borrower is not required to make principal payments provided they meet certain conditions.
NOTE: If you obtain a loan, you are legally obligated to repay the loan. Your academic success does not affect this obligation. Borrowers typically have up to 10 years to repay the loan. Check with specific lenders for details.
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DeVry University’s philosophy is that no
student should be denied an education
because of financial need. We’ll help
you develop a personalized financial
plan so you can reach your educational
The time, effort and financial resources
you contribute to your education are among
the most important
investments
you will ever make.
and career goals.
Please read this handy guide first, and at
any time, you may contact a helpful DeVry
Student Finance Professional for assistance.
Get started by completing the Student
Financial Checklist. We also ask that you
complete the enclosed Free Application for
Federal Student Aid (FAFSA) Worksheet.
This prep work will start you on the path
to a DeVry education with your very own
financial plan.
Your personalized financial
plan may consist of:
• Student self-help
• Family assistance
• Outside financial assistance
DeVry participates in most financial
assistance programs. Students may
apply, qualify and accept assistance
from various programs including:
• Federal and state grants
• Scholarships
• Work study programs
Over
85
%
• Federal, state and private loans
• Veterans and military benefits
• Employer tuition assistance
of DeVry students use some form
of financial assistance to help cover
the cost of their education.
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Nondiscrimination Policy
DeVry is an educational institution that admits academically qualified students
without regard to gender, age, race, national origin, sexual orientation, political
affiliation or belief, religion or disability and affords students all rights, privileges,
programs, employment services and opportunities generally available.
U.S. Department of Education
The Help Line:
800.4.FED.AID
(800.433.3243)
DeVry complies with Section 504 of the Rehabilitation Act of 1973 and the Americans
with Disabilities Act of 1990 and does not discriminate on the basis of disability.
Student Loan Ombudsman:
877.557.2575
fsahelp.ed.gov
Additional information about this policy or about assistance to accommodate
individual needs is available from:
finance.devry.edu
General Counsel
DeVry Inc.
3005 Highland Parkway
Downers Grove, IL 60515
DeVry is a signatory to the New York Attorney General’s Code of Conduct
insuring all students will have fair and equal access to student loans.
In New York, DeVry University operates as DeVry College of New York.
Financial aid is available to those who qualify.
DeVry is certified to operate by the State Council of Higher Education for Virginia. AC0060
DeVry University is authorized for operation by the THEC, www.state.tn.us/ thec.
Nashville Campus: 3343 Perimeter Hill Dr., Nashville, TN 37211.
©2011 DeVry Educational Development Corp. All rights reserved. 02-700739 1/11 125M
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