DOE discharges loans for 1,800 former DeVry students; Adtalem faces potential indemnification claims

Covista Inc.

DOE announced on Feb 16, 2022 it will discharge federal student loans for ~1,800 former DeVry University students under borrower defense to repayment (BDR) program.
Adtalem sold DeVry University to Cogswell in 2017 and agreed to indemnify DeVry for certain losses up to $340M, including BDR claims.
Adtalem states it has not been contacted by DOE and lacks specifics on how the loans were adjudicated or if borrowers already received relief.
Previously disclosed BDR-related matters have consumed a portion of the $340M indemnification cap, but Adtalem cannot yet quantify this new impact.

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