Frequently Asked Questions

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.

What is included in a financial award?

Three types of need-based aid may be awarded: scholarships, grants, and subsidized student loans. DeVry University also offers a couple merit-based awards, including the Dean's Scholarship and the Presidential Scholarship. There is also other aid available, such as private student loan programs and the DeVry University Loan that are not based on financial need.

When do I need to complete the financial aid process?

Once you have applied for admission to DeVry University, you will need to meet with a financial aid professional to begin the process of applying for financial aid, which includes completing the FAFSA, applying for a PIN, signing the Master Promissory Note, taking the loan entrance quiz, and completing all relevant documentation. This entire process should take about one week and will need to be repeated at the start of every school year for funds to be re-approved.

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.

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 choose to reduce the amount of the loan, or refuse it all, and still keep the grant portion of your package. We will offer a loan that is the maximum amount that the student is eligible for. Nevertheless, you do not have to accept the loans for which you qualify. Talk with your Student Finance professional for more information.

What is the interest rate on a student loan?

Federal Stafford Loans for undergraduate students certified between July 1, 2011 and June 30, 2012 have a fixed interest rate of 3.4 percent. PLUS Loans have fixed interest rate of 7.9 percent.

What is the difference between subsidized and unsubsidized loans?

Eligibility for the subsidized Stafford Loan is based on need. The government pays the interest on these loans while students are in school at least half-time and during the six-month grace period before repayment begins.

Eligibility for the unsubsidized Stafford Loan is not based on need. The federal government does not pay the interest during school attendance or during the six-month grace period. Students may pay the interest while they are completing their program or allow it to accumulate and be added to the outstanding principal, thereby increasing the amount to be repaid.

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.

How do I check to see if I have Financial Aid for a certain term?

You can view your financial aid information on the student portal at my.devry.edu. Click on "My Finances".

When can I expect my refund check?

Refunds will be processed within 14 days from the date DeVry received the disbursement. If you have not received it after five weeks, please contact us at that time.

What happens to my loan if I withdraw from a class?

Please keep in mind that you need to make incremental progress toward your degree to remain eligible for financial aid. Too many withdrawals will result in you losing eligibility for financial aid until you are again making proper progress. Exact details are included in the Academic catalog. You should confer with your advisor before withdrawing from any class.

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?

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.