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.
Starting the Loan Process
In addition to completing the FAFSA, there are three steps that must be completed when applying for a Federal Stafford or PLUS loan:
- Select a lender
- Sign a Master Promissory Note (MPN)
- Complete the Loan Entrance Quiz
DeVry's Recommended Financial Service Providers
There are hundreds of lenders participating in the Federal Stafford and PLUS programs, which provide money to students through the Federal Family Education Loan Program (FFELP). Students may choose to work with a particular lender for many different reasons, including previous experience, other financial relationships, combined servicing with other loans, better terms, or the recommendation of friends or the University. DeVry works with hundreds of lenders each year and will honor a student's request to use the lender of their choice and will process all qualified applications without bias.
If you are unsure of which lender to use, DeVry can supply a list of recommended financial service providers. Lenders appearing on this list were selected from responses to a DeVry-issued Request for Proposals. All have demonstrated the ability to quickly and reliably deliver student loan funds. Additionally, the recommended providers were selected based on their commitment to:
- Timely and accurately delivering student loan funds (this included an assessment of prior performance)
- Lifetime servicing of your student loan
- Develop and deliver financial literacy information and materials for DeVry students
- Provide supplemental assistance (Private Loans) to students needing additional funding to meet their educational expenses
- Reduce the costs of student borrowing
Selecting Your Lender
To select one of DeVry’s preferred lenders, simply click on one of the links below:
Undergraduate Students
Graduate Students
For more information on participating lenders, visit Finaid.Org. If you already have a lender selected, please notify your student finance advisor or provide a lender code in the award information on your financial aid form at my.devry.edu.
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 Family Education Loan Program (FFELP) students and parents can borrow from private lenders, such as banks, credit unions and student loan companies. Loans are available to DeVry 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 Loan Programs
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 contact your lender, or for more information about applying for private loans, including a comparison chart, click here.
The New DeVry Loan Program for Undergraduate Students
If you have exhausted all other financial aid options and still need additional funding to help pay for school, DeVry can help. For any undergraduate student denied private or federal loan funds, DeVry offers an interest-bearing installment loan program as a last resort. Under the DeVry Loan, which may be used to pay for tuition, books and any required electronic materials, an affordable monthly payment plan will be installed while the student is enrolled at DeVry. The loan, currently at 12 percent interest, will be re-amortized at withdrawal or graduation, to ensure payoff within 5 years.
For learn more about our loan programs, please contact your DeVry Student Finance Office, or click here to request more information on how to apply.
