 The U.S. Department of Education today announced a settlement agreement with DeVry University (DeVry), a subsidiary of DeVry Education Group Inc., resolving the Department’s charge that the institution used unsubstantiated job placement claims in recruitment and advertising materials. “Students deserve accurate information about where to invest their time and money, and the law is simple and clear: recruitment claims must be backed up by hard data.” said U.S. Secretary of Education John B. King Jr. said in a statement.  DeVry University Agrees To Stop Ads Touting Grads' Job Success Without Proof 
 
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 The major for-profit university chain DeVry has agreed to stop making its often-repeated claim: that since 1975, 90 percent of its graduates seeking employment found jobs in their field within six months of graduation. After reviewing the information that DeVry provided, Federal Student Aid found that DeVry could not provide evidence to substantiate this claim. As the Department of Education writes, "Today's agreement settles only the issue of a single, unsubstantiated claim and does not prohibit the Department from imposing future enforcement actions against DeVry in the event of additional findings." DeVry must also certify, and provide an independent certification to the Department, of its compliance with these documentation requirements; 
 
 Post an irrevocable, five-year letter of credit of no less than $68.4 million; 
 
 Prominently disclose, for a period of two years, a notice on its online home page regarding its failure to substantiate the “Since 1975 Representation” and include the same language in new enrollment agreements for a period of five years; and 
 
 Take steps to rid the internet of the “Since 1975 Representation” (both on its own website and on websites not under its direct control). This financial oversight action enables the Department to more closely monitor how the institution handles federal aid dollars.
– DeVry University's ads are about to get an overhaul. That's because the school's oft-touted claim that since 1975, 90% of its graduates looking for employment found jobs in their field within six months actually has no basis in fact, according to the Department of Education. The university was asked to back up the assertion last year, but it "could not provide evidence to substantiate this claim," the department announced Thursday. As part of a settlement, DeVry must now abandon the claim, post a notice on its website for two years noting the claim is unproven, and keep at least $68.4 million in reserves in case of any future issues, report NPR and the Wall Street Journal. However, unlike competitors Corinthian Colleges and ITT Technical Institute—which recently folded after missteps—DeVry will keep its access to federal funding. DeVry, which has more than 50 campuses nationwide, says it's "pleased" to have the issue cleared up, though it suggests its claim wasn't all that bogus. It says it simply lacked "student-specific data for the period from 1975 to October 1980." The university adds it will "continue communicating its strong student outcomes." DeVry is currently fighting an FTC lawsuit over another of its claims: that its graduates have 15% higher incomes one year after graduation than graduates from all other universities.