Frequently Asked Questions
Financial Aid Tuition FAQs
How is financial need determined?
When you complete the Free Application for Federal Student Aid (FAFSA), the federal government sends your FAFSA information to the DeVry University Student Finance Office. Our student finance professionals use this information to assess your need based on a federally defined methodology.
What is included in a financial award?
Your personalized financial plan may consist of several types of aid such as grants, loans, scholarships, or self-help aid.
When do I need to complete the financial aid process?
Students should apply for financial aid as soon as possible each year. The FAFSA is available on January 1.
How do I apply for a DeVry University scholarship?
Once you are admitted to DeVry University, you may work with your admissions advisor to apply for scholarships. Your Student Finance professional will help determine which scholarship(s) you are eligible for and submit the paperwork for you.
How will my financial aid change if I receive a scholarship or grant?
We encourage you to investigate all possibilities for assistance, including DeVry University scholarships, outside scholarships from corporations and private organizations and state-funded programs. If you receive such awards, your award may be revised to reduce or remove your loans.
What if I don't qualify for need-based aid?
Students who do not receive need-based financial aid awards are still eligible to apply for certain other loans, payment plans, and parent loans. These are all made available to help families fit tuition payments into their budgets more easily. To learn more about loan options, click here.
What if my personal or financial information changes after I complete the financial aid process?
Federal regulations allow aid administrators to consider extenuating circumstances when calculating aid eligibility, especially if your situation changes during the application process. If you or your family experiences any of the following, please contact your Student Finance Professional and submit an appeal to your DeVry University Student Finance Office.
1. Death of a parent or spouse
2. Physical impairment
3. Divorce or separation
4. Unusual medical or dental expenses
5. Recent loss of employment
6. Dramatic change in income
How much loan money can I borrow?
The academic year amounts of your subsidized and/or unsubsidized Stafford loans are determined by several factors such as your grade level and financial need. Your Student Finance professional can provide detailed information based on your individual situation.
Through the Federal PLUS Loan, parents may borrow up to the student's cost of attendance minus any other aid per academic year. Repayment begins 60 days after the loan is fully disbursed.
Do I have to accept all of the loan funds I am offered?
You can reduce the amount of your loan(s), or refuse them entirely, and still keep the other portions of your financial aid package. We will offer a loan that is the maximum amount that the student is eligible for, but you are encouraged to only borrow what you need. A student finance professional will work with you so that you can determine what makes sense in your unique situation.
What is the interest rate on a student loan?
Please visit http://studentaid.ed.gov/types/loans/interest-rates for the most up to date interest rate information.
What is the difference between subsidized and unsubsidized loans?
Federal Direct Unsubsidized loans are available to eligible undergraduate and graduate students. Federal Direct Subsidized loans are available only to eligible undergraduate students. The main differences between the two loans are 1) Subsidized loan eligibility is based on financial need, whereas an unsubsidized loan is not, 2) The government pays the interest on subsidized loans while the student is enrolled in school at least half-time, and 3) Subsidized loans are available only to eligible undergraduate students.
How often do I need to complete the Master Promissory Note (MPN)?
The Master Promissory Note (MPN) is good for ten (10) years in most cases.
When can I expect my refund check?
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.
What happens to my financial aid if I withdraw?
Federal Return of Funds Policy
According to federal regulations, a federal refund calculation must be performed if a student who is receiving financial aid withdraws completely from all classes after the start of the enrollment period.
Length of enrollment is equal to the number of calendar days in the periods in which the student was registered, excluding breaks of five days or more. All days, including weekends and holidays, are counted.
The withdrawal date is the date the student begins the official withdrawal process or otherwise officially notifies the institution of his/her intent to withdraw (electronically, in writing, in person or by telephone, whichever is earlier). For students who withdraw without notification, the school may use either the last date of academic attendance or the midpoint of the enrollment period as the withdrawal date. Failure to notify the Financial Aid Office of a withdrawal may result in additional tuition liability.
• If the percentage of the enrollment period completed is 60 percent or more, the student has earned and must repay 100 percent of the federal aid.
• If the percentage of the enrollment period is 60 percent or less, the calculated
percentage will be used to determine the amount of aid returned.
Example: 20 percent of the enrollment period completed earns the student 20 percent of the entitled federal aid.
Federal aid refunds are distributed according to the order below:
1. Unsubsidized Direct Federal Stafford Loan
2. Subsidized Direct Federal Stafford Loan
3. Federal Perkins Loan
4. Federal PLUS Loan
5. Federal Pell Grant
6. Federal Supplemental Education Opportunity Grant (FSEOG)
7. Other Title IV aid programs
8. State grants, private or other institutional aid
9. The student
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.