DeVry University and its parent company, DeVry Education Group Inc., have agreed to pay $100 million to settle a Federal Trade Commission lawsuit alleging that the for-profit college misled potential students with ads about its post-graduation success rates.

As part of the settlement, DeVry will pay $50.6 million in debt relief, which includes $30.4 million to cover the total amount owed on all private, unpaid student loans issued to undergraduates by DeVry between September 2008 and September 2015, and $20.3 million to cover other student debt obligations, such as books and tuition.

The college also will pay $49.4 million in cash to...

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About the Author:

Laura Ascione

Laura Ascione is the Managing Editor, Content Services at eSchool Media. She is a graduate of the University of Maryland's prestigious Philip Merrill College of Journalism. When she isn't wrangling her two children, Laura enjoys running, photography, home improvement, and rooting for the Terps. Find Laura on Twitter: @eSN_Laura http://twitter.com/eSN_Laura