Federal Trade Commission Announces DeVry Forgiveness Payments are Incoming

I’ve got great news for those of you looking to take advantage of the DeVry Student Loan Forgiveness Program; I just received an official email from the FTC alerting me that they are planning on mailing partial refunds out to former DeVry students before the end of the Summer.

And while the details and specifics of that “end of the summer” date haven’t been provided (is that August? September?), at least we know things are in the works, especially after the many months of radio silence we’ve just experienced.

There is one snag, however, and that’s that this round of the refund only appears to be going to people who fit some pretty specific criteria. According to the FTC’s email, these refunds will be sent 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

So there you have it… at least we know that this first wave of payments are being scheduled, and are soon to be issued.

What Does This Email Leave Out?

I wish they would have provided more information about people who do not fit these requirements, or at least mentioned a range of payment amounts that will be getting distributed, as there are obviously many more questions that people might have about how this repayment program actually plays out, but for now, this is all we’ve got.

So you can see I’m telling the whole truth, and nothing but the truth, here’s a screenshot of the exact email the FTC sent me:

By: Tim Marshall

Tim's experience struggling with crushing student loan debt led him to create the website Forget Student Loan Debt in 2011, where he offers advice, tips and tricks for paying off student loans as quickly and affordably as possible.