How
will i pay
for my education?
Student Financial Aid Guide
Types of Financial Assistance
The time, effort and financial resources
you contribute to your education are among
the most important
investments
you will ever make.
We’ll help you develop a personalized financial plan
so you can reach your educational 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
Finance Checklist.
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
• Federal, state and private loans
• Veterans and military benefits
• Employer tuition assistance
Over
85
%
of DeVry students use some form
of financial assistance to help cover
the cost of their education.
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 Attendance (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: E xpected 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 aid programs, you must:
• Enroll as a degree-seeking student
• Not owe a refund on a federal educational grant or loan
• Maintain satisfactory academic progress
• 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)
• Not be in default on a federal educational loan
• Have a high school diploma or equivalent
• Be a U.S. citizen or an eligible noncitizen
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, 1989?
As of today, are you married?
At the beginning of the 2012-2013 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, 2012
and June 30, 2013?
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, 2013?
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, 2011, 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.
Types of Financial Assistance –
Grants and Scholarships
Grants and scholarships are aid provided by DeVry, federal or state
governments, or other outside sources that usually do not need to be repaid.
There are criteria you must meet in order to qualify, depending on the program.
FEDERAL PELL GRANTS
Grants for undergraduate students (who have not earned a prior bachelor’s
degree) up to $5,550 for the award year. The actual amount of the grant is
based on the cost of attendance, number of hours enrolled, the Federal Pell
Grant regulations, and your expected family contribution (EFC).
FEDERAL SUPPLEMENTAL EDUCATIONAL
OPPORTUNITY GRANTS (SEOG)
Grants for undergraduate students (who have not earned a prior bachelor’s
degree) with 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.
DEVRY SCHOLARSHIPS AND GRANTS
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.
Please refer to DeVry’s website under the Financial Aid section for more
information.
OUTSIDE SCHOLARSHIPS:
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
Grants,
Additional Resources
STATE-FUNDED PROGRAMS
Some states have grant or scholarship programs that provide funding to
students based on financial need or academic qualifications. Recipients are
typically required to:
• Attend a location within the state of legal residence
• Provide proof of residency
• Complete the FAFSA
DeVry currently participates in state-funded programs in the following states:
Arizona
Florida
Minnesota
New York
Pennsylvania
California
Georgia
Nevada
Ohio
Rhode Island
Colorado
Illinois
New Jersey
Oklahoma
Vermont
Speak to a Student Finance professional to discuss your eligibility.
FEDERAL WORK–STUDY (FWS)
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.
EMPLOYER TUITION ASSISTANCE
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.
VETERANS AND MILITARY BENEFITS:
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. For more information, contact your
Student Finance Office and visit www.gibill.va.gov.
STUDENT INVESTMENT:
Choose the payment plan that fits your needs.
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 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: I f 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.
Scholarships and Loans
Loans
Loans are aid that must be repaid, typically 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 if 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.
Students are eligible for a maximum combined Stafford Loan (subsidized and
unsubsidized):
Independent Students Eligible Amount: Federal Maximum/Semester Federal Maximum/Academic Year
Freshman:
$4,750
$9,500
Sophomore:
$5,250
$10,500
Junior and Senior:
$6,250
$12,500
Dependent Students Eligible Amount: Federal Maximum/Semester Federal 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 6.8% for subsidized loans and 6.8% for unsubsidized
loans disbursed after July 1, 2012
• Once you graduate, leave school or enroll for less than six credit hours per
semester, you’ll have a six-month grace period before repayment begins
FEDERAL PERKINS 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.
FEDERAL PARENT PLUS LOANS
• I nterest rate is fixed at 7.9% for
loans disbursed after July 1, 2006
•P
arent may borrow up to the
student’s unmet costs (cost minus
aid per academic year)
•A
credit check on the parent
is required to establish
creditworthiness
The parent borrower must be:
•O
ne of the student’s biological
parents
•O
ne of the student’s adoptive
parents
• The
stepparent whose
information was included on
the student’s FAFSA
•R
epayment begins 60 days after the
loan is fully disbursed, but parents
can request deferment
PRIVATE LOANS
Loans provided by outside resources
• Private education loans through lenders offering 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
Nondiscrimination Policy
DeVry is an educational institution that admits academically qualified students
without regard to gender, age, race, color, religion, national origin, sexual
orientation, political affiliation or belief, or disability and affords them all the
rights, privileges, programs and opportunities generally available to students at
DeVry. DeVry does not discriminate on the basis of gender, age, race, color, national
origin, sexual orientation, political affiliation or belief, religion or disability in
admissions, employment services, or access to its programs and activities.
It is DeVry’s policy to comply with Section 504 of the Rehabilitation Act of 1973
and the Americans with Disabilities Act of 1990. DeVry does not discriminate on
the basis of disability.
Persons wishing additional information about this policy or assistance to
accommodate individual needs should contact General Counsel at DeVry University,
3005 Highland Parkway, Downers Grove, IL 60515-5799 (1.800.225.8000).
For comprehensive consumer information, visit devry.edu/studentconsumerinfo
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.
©2012 DeVry Educational Development Corp. All rights reserved. 02-700739 3/12 80M
U.S. Department of Education
The Help Line:
800.4.FED.AID
(800.433.3243)
Student Loan Ombudsman:
877.557.2575
fsahelp.ed.gov
devry.edu