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Frequently Asked Questions

Financial Aid Tuition FAQs

General Information

How is financial need determined?

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What is included in a financial award?

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When do I need to complete the financial aid process?

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How do I apply for a DeVry University scholarship?

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How will my financial aid change if I receive a scholarship or grant?

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What if I don't qualify for need-based aid?

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Student Loans

How much loan money can I borrow?

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Do I have to accept all of the loan funds I am offered?

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What is the interest rate on a student loan?

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What is the difference between subsidized and unsubsidized loans?

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How often do I need to complete the Master Promissory Note (MPN)?

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The Master Promissory Note (MPN) is good for ten (10) years in most cases.
 

When can I expect my refund check?

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Refunds will be processed within 14 days from the date of the resulting credit balance on your student account. If you have not received it after five weeks, please contact us at that time.
 

Status Changes

What happens to my financial aid if I withdraw?

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In accordance with federal regulations, financial aid awards may be reduced based on withdrawal dates. Tuition refunds are calculated independently from financial aid award (or return) calculations. Official course withdrawal requests must be submitted to the appropriate academic administrator or an online student services advisor either in person or in writing. Review the Academic catalog for complete information regarding withdrawal policies.

If you withdraw from any course before Week 5, your tuition may be reduced in accordance with DeVry University policies. If such a reduction occurs, the amount of adjustment will be returned to your lender as an early repayment of funds. Also, under U.S. Department of Education policy, the amount of expenses to which you are entitled may be prorated if you withdraw from a class. This amount will be calculated from software provided by the U.S. Department of Education; and any amount adjusted will be returned to your lender and charged back to your DeVry University account. Thus, you may have already have received a refund check and an adjustment will be made to your account resulting in a balance. You will be required either to pay that balance before you are allowed to register for your next class or, in some instances, arrangements may be made to pay the balance with funds from your next loan disbursement.

When funds are returned to the lender, it is assumed that a student is no longer attending class and is not returning, so future disbursements are canceled. For that reason, if you drop a class and plan to attend class the following term you should submit a request to the DeVry University Student Finance Office at http://help.devry.edu to have your loan reinstated.
 

What happens to my loan if I need to take a semester off?

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When a student is unable to attend a term, future disbursements are canceled. You must submit a request to have your loan reinstated to the DeVry University Student Finance Office at http://help.devry.edu.