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Loans

Explore loan options to supplement your education financing.

For many students and parents, loans represent an important resource to help finance educational expenses. Whether federally or privately funded, loans can help fill the gap between need-based financial aid eligibility and total educational costs. In nearly every case, repayment of a loan begins after you graduate or leave DeVry University.

Starting the Loan Process

Students apply for Federal Student Loans by completing the Free Application for Federal Student Aid. After completing the FAFSA, there are two additional steps that must be completed:

  1. Sign a Master Promissory Note (MPN)
  2. Complete Loan Entrance Counseling

Federal Direct Loans

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

With Direct Loans, you

  • Borrow directly from the federal government and have a single contact - the Direct Loan Servicing Center - for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.dl.ed.gov
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

Federal Student and Parent Loans

The U.S. Department of Education provides various loan programs to students and their parents. These are low-interest loans, which must be repaid.

In the Federal Direct Loan Program, students and parents can borrow directly from the federal government. Loans are available to DeVry University students in the Federal Stafford Loan program, while graduate students or parents of dependent undergraduate students can borrow from the PLUS Loan program.

For the Federal Perkins Loan, undergraduate students may borrow directly from DeVry University.

For more information on these federal loan programs, please visit http://finance.devry.edu/.

Private Student Loans

Private sources of loan funds are available to help pay for educational expenses, beyond the resources of federal and state financial aid. These are unsecured (no collateral required) bank loans with competitive interest rates. Usually you must be enrolled at least halftime to qualify and may borrow up to the cost of education minus all other financial aid you receive.

Most lenders will perform a credit check and determine credit worthiness (income, employment, residency, etc.) before granting these loans. For more information on specific private loan programs. please visit http://finance.devry.edu.