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 Student Finance Office. Our student finance advisors 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 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 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, you will need to meet with a financial aid advisor 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 scholarship?

Once you are admitted to DeVry University, you may work with your admissions advisor to apply for scholarships. Your advisor will help determine which scholarship(s) you are eligible for and submit the paperwork for you.

Will I need to reapply for aid each semester?

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

We encourage you to investigate all possibilities for assistance, including DeVry 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 maximum subsidized Stafford Loan for a scheduled academic year is $8,500. Students with limited eligibility or who are ineligible for the subsidized Stafford Loan may borrow up to the $8,500 base amount through the unsubsidized Stafford Loan program. Students may borrow up to an additional $12,000, but the amount borrowed may not exceed the cost of attendance minus other aid per academic year.

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 advisor for more information.

What is the interest rate on a student loan?

Federal Stafford Loans certified after July 1, 2006 have a fixed interest rate of 6.8 percent. PLUS Loans have fixed interest rate of 8.5 percent.

Where can I get lender information?

Students with existing Federal Family Education Loan Program (FFELP) loans should continue to use their current lender, unless interested in changing lenders. To learn more about available loans and how to select a lender, click here.

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 as long as you stay with the same lender. If you change lenders, you will need to complete a new MPN.

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

If you are using one of our preferred lenders, the easiest way to see how much you have coming for any particular term is via the internet at http://www.elmresources.com/.

When can I expect my refund check?

ELM Resources shows the amount of the loan, scheduled disbursement amounts, and scheduled disbursement dates. Once the disbursement shows disbursed, it takes 3-5 days for DeVry to receive the funds. Refunds will be mailed within 14 days from the date DeVry received the disbursement. If you have not received a check 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 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 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 Student Finance Office at http://help.devry.edu.

What if my status changes from part-time to full-time and I need more money?

If you need to request additional funds due to enrollment status change (part-time to full-time ), you must submit the request to the DeVry Student Finance Office at http://help.devry.edu. The annual loan limit is $20,500, or your budget limit, whichever is less.

How do I contact the DeVry Student Finance Office?

Contact us with your financial aid questions. If we don't know the answer, we'll find out for you.

DeVry University
DeVry Student Finance Office
One Tower Lane
Oakbrook Terrace, IL 60181-4624
Fax 630/572-0022
Phone 866/553-3879

Financial Aid