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Dec 19, 2016 04:47 AM EST

Early University Christmas Present: DeVry Forgives $50.6M In Student Debt

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DeVry University may be giving students their Christmas presents early. This is good news and seasons tidings especially for those who are in debt.

The for-profit school, DeVry University, was charged with misleading advertisements. The accusation reads that the school mislead students and potential students with advertisements promising jobs and salary success after graduation. The university was held with a Federal lawsuit less than a year ago. Now, the school is planning to settle.

The various advertisements put out by the school claimed that 90 percent of their graduates were able to find jobs after six months of graduating. In addition, the school also claimed that their successful graduates earned 15 percent increase in salary after a year of graduating. Many students and graduates cried foul at the ads. Now, The Federal Trade Commission concluded that these ads were misleading, as reported by Communities Digital News.

To settle the case, DeVry University has agreed to pay $100 million to resolve the Federal law suit. This includes the following: DeVry is set to relieve students of $50.6 million in student debt and will pay $49.4 million to students for deceiving them.

Touting high employment success rates and income levels after or upon graduation was grossly deceptive, as reported by the Federal Trade Commission. The settlement will amend financial burdens for tens of thousands of students that were affected by DeVry University's practices. Students who are set to receive the settlement will come from those undergraduates who enrolled between September 2008 and September 2015. The settlement will not only relieve student debt but also forgive other expenses such as books, laboratory fees and more.

The FTC Chairwoman, Edith Ramirez, says that schools should not mislead students when they are trying to make a life-impacting decision about their education and future. Using deceptive employment and earnings claims is harmful, cites Ramirez.

Aside from forgiving loans and debts, DeVry is also reportedly changing its practices.

Check out Adeline Gray's (a DeVry Graduate) video below!

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