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. (Read more false advertising stories.)