DeVry University reaches settlement with feds

For-profit school DeVry University reached a settlement with the U.S. Department of Education over misleading ads.

The federal agency yesterday ordered that DeVry can no longer advertise that 90 percent of its graduates land jobs within six months of leaving school and must post a notice on its website stating that the claim is unsubstantiated.

The school also is required to provide a letter of credit from a bank proving it has $68.4 million available to participate in the federal financial aid program. Education Department officials also will more closely monitor the school. That includes close scrutiny of its federal financial aid dollars.

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