DeVry University, one of the biggest for-profit colleges in the U.S., has reached a settlement agreement with the government over a claim that it misled students with a false job placement rate.
This NYU grad started paying off her student loans sophomore year and finished within two years of graduating, saving her thousands of dollars in interest.
Two years before the government pulled the plug on its funding, the for-profit school faced lawsuits over how it misled students about the quality of its programs and job placement rates.
The Department of Education revoked its recognition of the accreditor ACICS, the agency that gave the now defunct ITT Tech and Corinthian for-profit schools stamps of approval. About 245 other schools are at risk of losing accreditation.
Students at Ashford University and University of the Rockies will be refunded for what they've already paid toward private student loans they received from the schools. Outstanding debt will be canceled as well.
ITT Educational Services announced on Tuesday that it is shutting down immediately, accusing the federal government of unfairly stripping it of eligibility for student aid.
Following an order from the Department of Education to stop admitting students on federal financial aid, the for-profit technical school has stopped enrolling new students.