DeVry Education (DV) Plans to Lower Amount of Federal Funding Derived for Title IV Institutions
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DeVry Education Group (NYSE: DV) said it will voluntarily limit the amount of revenue that each of its six Title IV institutions derive from federal funding to 85 percent, including Department of Veterans Affairs and military tuition assistance benefits.
Current federal regulations allow for-profit higher education institutions to derive 90 percent of their revenue from Title IV federal student aid. VA and other military tuition assistance benefits are not included in the 90 percent calculation. Under the new plan, DeVry Group’s institutions will receive no more than 85 percent of revenue from federal student aid – including VA and military benefits. DeVry Group commits to meeting the threshold by the end of its fiscal year in 2017, will publicly report on this commitment annually, and will continue to remain below that threshold in the future.
“This is a significant pledge that DeVry Group is voluntarily making for the long term and it underscores our commitment to finding solutions to the issues facing higher education today,” said Lisa Wardell, president and CEO of DeVry Education Group. “This is part of a broader effort to improve our policies and demonstrate the quality and value of our programs.”
The 85/15 commitment is one of a larger set of institutional reforms DeVry Group is developing and believes will set a new standard in higher education. DeVry Group is working with and seeking input from a variety of stakeholders on those commitments, which will be announced later this year.
“As we continue to engage with key stakeholders, we look forward to sharing details of the other commitments when they are finalized,” Wardell added.
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