Explore loan options as part of your personalized financial plan
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 (FAFSA). After completing the FAFSA, there will be two additional steps that must be completed to secure your loans. Your Student Finance professional will help guide you through these steps.
Federal Direct Loans
Federal Perkins Loan
Federal PLUS Loan
Private Student Loans
Federal Direct Loans are low-interest loans that offer in-school deferment for students enrolled at least half-time. Loan amounts are based dependency status and the number of credit hours enrolled toward your DeVry degree. Eligible students borrow directly from the U.S. Department of Education.
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.
- 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.
To learn more about Federal Direct Loans visit studentaid.ed.gov
A Federal Perkins Loan is a low-interest (5 percent) loan for eligible students who demonstrate exceptional financial need. DeVry University is the lender, and the loan is made with government funds. You must repay this loan.
For more information about the Federal Perkins Loan, please visit studentaid.ed.gov.
Federal PLUS Loans are credit-based loans for eligible students who are enrolled at least half-time. For undergraduate students, the PLUS borrower must be one of the student's parents. For graduate students, the PLUS borrower is the student. PLUS loans are non-need based and loan amounts are based on the student's unmet cost of attendance.
For more information about the Federal PLUS Loan, click one of the following links:
Private loans are bank loans for educational expenses and are not insured by the government.
Private loans are made by a bank or lender (not the U.S. Department of Education), and many programs allow students to borrow up to the cost of attendance minus any financial aid received (including federal student loans). Terms of repayment vary depending upon the lending institution.
Lenders may perform a credit check to determine credit worthiness (income, employment, residency, etc.) before approving these loans. Some students may need a co-signer.
Because interest rates may be higher for private loans, it may be beneficial to complete a FAFSA to apply for and determine eligibility for federal loans and grants first, then borrow only what you need to pay the balance of your education costs.
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.
If you are interested to learn more about private loans speak to your DeVry University Student Finance professional. For more information on specific private loan programs contact the lender of your choice. Note that you are not limited in your choice of lenders - feel free to shop around. See below to learn about the application process.
The Application Process:
- Submit your FAFSA. If you have not submitted your FAFSA, visit fafsa.ed.gov.
- Review your estimated financial aid awards with your DeVry Student Finance Professional.
- Determine how much you need to borrow in each loan program.
- If you have remaining costs that are not covered by the financial aid or other grants or scholarships, you may want to consider a Private Loan. Remember to borrow wisely, and borrow only what you need for educational expenses.
- When you apply for a private Loan, there is a credit check process, so your loan approval, subsequent interest rate and loan fees (if applicable), are based on your credit status.
DeVry University does not make any recommendations regarding lender selection. The lenders below are listed in alphabetical order, and therefore do not indicate any sort of rank or preference. Students are encouraged to review each lender’s terms and conditions before selecting a lender. Lender terms and eligibility criteria sometimes change, and while all of the lenders listed below currently provide loans to DeVry University students, they may not always do so. Students may choose to borrow from one of the lenders listed in the attached or from any other lender.
Student Loan Codes of Conduct
DeVry observes the federal regulations regarding student loan requirements.
Code of Conduct agreements were designed to create and ensure uniform student loan practices that focus on the best interest of borrowers. In these documents, restrictions are defined to manage the relationships among school employees, learning institutions, lender advisory board members, and student loan organizations. Students are encouraged to review the Code of Conduct agreements to learn more about the requirements governing loan regulations.
If you have any questions about these documents, please contact DeVry University Student Finance.