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Student Loan Forgiveness for DeVry Students

The FTC’s DeVry Student Loan Forgiveness Program has already sent tens of thousands of refund checks to former DeVry students, offering about 173,000 people a total of $49,000,000 in student loan forgiveness benefits (averaging $280 per student), but this amount pales in comparison to what you could receive via the Borrower’s Defense to Repayment Program.

The FTC’s forgiveness settlement with DeVry, including who qualifies for the benefit, why DeVry is being forced to pay back former students, and what you need to do to ensure you receive your check (if you haven’t gotten one already…).

But more importantly, I’ll explain how you can qualify for a complete loan discharge by filing a Borrower’s Defense to Repayment claim against DeVry, including explaining what Borrower’s Defense is, how it works, and what you’ll need to say to get your discharge approved.

Don’t fall for the trick of accepting the tiny pittance DeVry has already sent out in response to their settlement with the FTC, because you could be getting so much more from a successful Borrower’s Defense Against Repayment Application.

If you want to receive a complete DeVry Student Loan Discharge, you’ll need to use the Borrower’s Defense program, which is exactly what this post will teach you to do! Keep reading!

DeVry forgiveness benefits and student loans in general are complicated legal processes, and many people simply have no idea how to deal with them, even after reading through posts like this.

DeVry Loan Forgiveness Comes in Two Ways

As mentioned above, there are technically two completely different DeVry Student Loan Forgiveness Benefits Programs, including:

  • The FTC’s Settlement with DeVry, which issues small, but automatic refund checks (averaging about $280 per borrower)
  • Borrower’s Defense to Repayment Discharges, which require a lot of work, but provide complete student loan forgiveness (plus potential refunds for any money already paid to DeVry!)

It’s pretty obvious that it’d be better to qualify for a Borrower’s Defense Discharge, but it’s the FTC Settlement with DeVry which has been making headlines in recent years, even though it only offers about $300 in loan forgiveness to each student who qualifies.

And while $300 is great, it’s nothing compared to what you’d get if you were get approved for a Borrower’s Defense Against Repayment Discharge, which could get you a complete discharge, plus refunds for anything you’ve already paid DeVry.

Let’s go through the differences of these two programs so that you can see exactly what you’ll need to do to ensure you receive as much financial support as possible.

1. Partial Refunds from the FTC Settlement with DeVry

On July 10th, 2017, the FTC announced that they were beginning to send out partial refunds to former DeVry students, averaging about $280 in refunds per student.

This stems from a lawsuit filed against DeVry that resulted from their improper and illegal activities used to recruit students by allegedly making false promises and committing false advertising.

Partial refunds were provided to people who:

  • enrolled in a bachelor’s or associate’s degree program at DeVry University between January 1, 2008 and October 1, 2015
  • paid at least $5,000 with cash, loans, or military benefits
  • did not get debt or loan forgiveness as part of this settlement
  • completed at least one class credit.

These partial refunds are great, because they are the first time I can recall a big school getting forced to issue refunds to their students, but the $300 they offer to each individual student doesn’t really move the needle much either.

2. Complete Forgiveness via Borrower’s Defense

The Borrower’s Defense to Repayment Program is the best-kept secret in the student loans industry, and one that the media rarely mentions (because of who funds their budgets…).

Borrower’s Defense allows you to request a complete and total discharge for any amount of money you owe a school, as well a refund for any funds that you’ve already paid them, if you can prove that you only borrowed money to attend that school as a result of having been lied to, defrauded, tricked or otherwise illegally scammed.

Because DeVry has admitted to all sorts of illegal activity, like running ads on TV, Radio and the Internet, which lied about their job placement rates and the income levels of their graduates, it’s not that hard to file a successful Borrower’s Defense claim against them, as long as you understand how the program works.

The bad news is that thousands of former DeVry students have already submitted a Borrower’s Defense claim, and so many Borrower’s Defense applications have recently been submitted to the Department of Education that it’s reportedly taking over a year for applicants to find out if their submissions are approved, so you’ll want to get your application in as soon as possible to avoid a long delay.

Now that you know how powerful Borrower’s Defense is, and why it’s so important that you get an application in right away, let’s go through what you actually need to do to fill out your Borrower’s Defense application properly so that it’ll be approved.Image result for bbb logo

What Illegal Activity Did DeVry Admit To?

In late 2016, DeVry University finally admitted that its ads “misled prospective students”, and agreed to pay out $100,000,000 to settle a lawsuit with the Federal Trade Commission.

These are the funds that were used to pay back former DeVry students via the FTC’s automated payments, but what really matters here is that DeVry admitted to having done all sorts of illegal stuff, and stuff that you can use as evidence in your Borrower’s Defense to Repayment Application!

Some of the highlights were found when the Department of Education investigated DeVry’s advertised claims, such as one stating that 90% of their graduates since 1975 were able to find jobs in their study areas within just six months of graduation, which the Department of Education said DeVry could not prove.

If you happened to see an ad, or read a pamphlet, or receive an email, or be told by an enrollment advisor that this was a true fact, then you just may have an argument that your DeVry loans were created based on illegal activity.

DeVry also falsely claimed that their graduates with Bachelor’s Degrees earned, on average, 15% higher incomes a year after graduating than graduates from other colleges and universities, and again, DeVry wasn’t able to provide any proof for this statement to the Department of Education either.

If you ran across this claim, and that claim convinced you that it was a good idea to take out loans to attend DeVry simply because you’d make 15% more than you’d get after graduating from some other college, then you may be able to use that as your argument for Borrower’s Defense.

The key point here is that these statements are totally illegal, because they’re what’s known as “false advertising”, and that’s exactly the type of behavior that you need to include on your Borrower’s Defense Application.

Where Did DeVry Forgiveness Come From?

In late 2016, DeVry University finally admitted that its ads “misled prospective students”, and agreed to pay out $100,000,000 to settle a lawsuit with the Federal Trade Commission.

Under the terms of the settlement, DeVry was forced to allocate:

  • $49,400,000 for FTC to provide partial refunds to anyone who paid for DeVry classes
  • $50,600,000 in loan forgiveness and debt forgiveness benefits to anyone who owes money to DeVry

These funds are available to anyone who attended DeVry between 2008 and 2015, with some of the students receiving money, and others qualifying for student loan debt relief benefits (debt forgiveness on their DeVry-related student loan debt).

But better yet, these funds are one of the only benefits packages providing Private Student Loan Forgiveness, in addition to the standard Federal Loan Forgiveness offered by so many other programs.

Typically, whenever programs like this are announced, benefits are only available to people with Federal Student Loans, so it’s pretty amazing that these benefits cover private student loans too.