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DeVry University
DeVry University (/dəˈvraɪ/) is a private for-profit university in the United States. It offers both onsite (campus-based) and online programs. The university was founded in 1931 by Herman A. DeVry and is accredited by the Higher Learning Commission. It has been the subject of several government investigations and lawsuits alleging false or deceptive claims.
DeVry was founded in 1931 as the De Forest Training School in Chicago, Illinois. School founder Herman A. DeVry, who had previously invented a motion picture projector and produced educational and training films, named the school after his friend Lee de Forest. De Forest Training School originally taught projector and radio repair, but later expanded to include other electronic equipment such as televisions. After its founder's death in March 1941, the school was renamed DeVry Technical Institute in 1953 and gained accreditation to confer associate degrees in electronics in 1957.
Bell & Howell completed its acquisition of DeVry Technical Institute in 1967. A year later, the company acquired the Ohio Institute of Technology and DeVry was renamed DeVry Institute of Technology, which was accredited to confer bachelor's degrees in electronics in 1969.
Dennis Keller and Ronald Taylor met one another in the early 1970s when the two were teachers at DeVry. Keller and Taylor learned the economics of for-profit education while at DeVry and, in 1973, the two founded the Keller Graduate School of Management with $150,000 in loans from friends and family. The school was originally conceived as a day school that granted certificates. In 1976, the Keller School became an evening program offering MBAs, focused on working adults. The school was fully accredited by the North Central Association of Colleges and Schools in 1977, becoming the first for-profit school to be accredited by the body.
DeVry first received full accreditation in 1981. The Keller Graduate School of Management acquired DeVry from Bell & Howell in 1987. The leveraged buyout was worth $147.4 million. The two schools were combined as DeVry Inc., with Keller acting as chairman and CEO and Taylor as president and COO.
DeVry Inc. completed its initial public offering on June 21, 1991.[better source needed] In 1992, DeVry lost the highest scoring basketball game in history to Troy State University (now Troy University), 258 to 141.
In 1995, its stock began trading on the New York Stock Exchange.
In 1996, DeVry acquired Becker CPA Review—a firm that prepared students for the Uniform Certified Public Accountant Examination—for an undisclosed amount of cash, the tentative purchase price of which was US$18.685 million (about equivalent to US$37,000,000 in 2024). In 2003, DeVry acquired Ross University, a medical and veterinary school based in the Caribbean, for a price variously reported at $310 million (about $530 million in 2024) and $329 million ($562 million in 2024). DeVry moved into the nursing field in March 2005 with the acquisition of Deaconess College of Nursing, a St. Louis–based nursing college that conferred both associate's and bachelor's degrees in nursing, at a price variously reported at about $5.3 million ($8.53 million in 2024) and $5.4 million ($8.69 million in 2024). Deaconess College of Nursing was later renamed Chamberlain College of Nursing.
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DeVry University
DeVry University (/dəˈvraɪ/) is a private for-profit university in the United States. It offers both onsite (campus-based) and online programs. The university was founded in 1931 by Herman A. DeVry and is accredited by the Higher Learning Commission. It has been the subject of several government investigations and lawsuits alleging false or deceptive claims.
DeVry was founded in 1931 as the De Forest Training School in Chicago, Illinois. School founder Herman A. DeVry, who had previously invented a motion picture projector and produced educational and training films, named the school after his friend Lee de Forest. De Forest Training School originally taught projector and radio repair, but later expanded to include other electronic equipment such as televisions. After its founder's death in March 1941, the school was renamed DeVry Technical Institute in 1953 and gained accreditation to confer associate degrees in electronics in 1957.
Bell & Howell completed its acquisition of DeVry Technical Institute in 1967. A year later, the company acquired the Ohio Institute of Technology and DeVry was renamed DeVry Institute of Technology, which was accredited to confer bachelor's degrees in electronics in 1969.
Dennis Keller and Ronald Taylor met one another in the early 1970s when the two were teachers at DeVry. Keller and Taylor learned the economics of for-profit education while at DeVry and, in 1973, the two founded the Keller Graduate School of Management with $150,000 in loans from friends and family. The school was originally conceived as a day school that granted certificates. In 1976, the Keller School became an evening program offering MBAs, focused on working adults. The school was fully accredited by the North Central Association of Colleges and Schools in 1977, becoming the first for-profit school to be accredited by the body.
DeVry first received full accreditation in 1981. The Keller Graduate School of Management acquired DeVry from Bell & Howell in 1987. The leveraged buyout was worth $147.4 million. The two schools were combined as DeVry Inc., with Keller acting as chairman and CEO and Taylor as president and COO.
DeVry Inc. completed its initial public offering on June 21, 1991.[better source needed] In 1992, DeVry lost the highest scoring basketball game in history to Troy State University (now Troy University), 258 to 141.
In 1995, its stock began trading on the New York Stock Exchange.
In 1996, DeVry acquired Becker CPA Review—a firm that prepared students for the Uniform Certified Public Accountant Examination—for an undisclosed amount of cash, the tentative purchase price of which was US$18.685 million (about equivalent to US$37,000,000 in 2024). In 2003, DeVry acquired Ross University, a medical and veterinary school based in the Caribbean, for a price variously reported at $310 million (about $530 million in 2024) and $329 million ($562 million in 2024). DeVry moved into the nursing field in March 2005 with the acquisition of Deaconess College of Nursing, a St. Louis–based nursing college that conferred both associate's and bachelor's degrees in nursing, at a price variously reported at about $5.3 million ($8.53 million in 2024) and $5.4 million ($8.69 million in 2024). Deaconess College of Nursing was later renamed Chamberlain College of Nursing.