DeVry Inc. to Acquire U.S. Education Corporation

Expands DeVry's High-Quality Healthcare Offerings
OAKBROOK TERRACE, Ill.--(Business Wire)--
DeVry Inc. (NYSE: DV), a global provider of educational services,
today announced it will acquire U.S. Education Corporation (USEC) for
$290 million in cash. USEC is the parent organization of Apollo
College and Western Career College and is headquartered in Mission
Viejo, California. Apollo College and Western Career College prepare
students for careers in healthcare through certificate and associate
degree programs in such rapidly growing fields as nursing, ultrasound
and radiography technology, surgical technology, veterinary
technology, pharmacy technology, dental hygiene, and medical and
dental assisting. The two colleges operate 17 campus locations in the
western United States and currently serve more than 8,700 students and
have more than 65,000 alumni.

The acquisition of USEC, with preliminary fiscal 2008 revenue of
$144 million, is consistent with DeVry's strategy of increased
vertical diversification in the healthcare field and expanded
offerings at the pre-baccalaureate level. Nationwide, student
enrollment in associate degree and certificate programs is larger than
in any other postsecondary degree level. Further, the two
organizations have highly compatible cultures built around a
long-standing commitment to high-quality academic programs, compelling
student outcomes and a strong reputation for ethical business
practices, management integrity and regulatory quality.

"The high quality programs and experienced management teams at
USEC, Apollo College and Western Career College provide us the perfect
opportunity to further expand our program offerings in the high demand
healthcare industry," said Daniel Hamburger, DeVry's president and
chief executive officer. "We look forward to welcoming USEC's
management and employees as the newest members of the DeVry family,
and to working closely with them as we continue to deliver
high-quality educational programs."

George Montgomery, President and Chief Executive Officer of USEC,
said, "This transaction is strategically compelling, delivering
benefits to both our students and employees. Employees will have the
opportunity to be part of an even more dynamic and growing
organization. In addition, our students will be able to benefit from
DeVry's vast resources, including its online capabilities and over 75
years of experience in educational excellence. We have great respect
for DeVry as our purposes, values and cultures complement each other
extremely well. We are excited about joining the DeVry team."

There is a huge unmet demand for well-trained, licensed healthcare
professionals. Demographic trends point to accelerating demand for
healthcare professionals in the coming years as the aging baby boomers
require greater healthcare services. As a result, nursing and other
medical-related professions represent high-growth, attractive career
opportunities.

Hamburger added, "We expect the addition of Apollo College and
Western Career College to be marginally dilutive to earnings by about
$0.01 per share in fiscal 2009 primarily because of amortization
expense, and accretive to earnings in fiscal 2010 and beyond. There is
also the opportunity to realize cost and revenue synergies longer term
through co-locations, marketing, and using DeVry's strong online
capabilities to add such programs to USEC."

Terms of the Transaction

Under the terms of the agreement, which has been approved by the
boards of directors of both companies, DeVry will pay the purchase
price of $290 million in cash in exchange for all outstanding shares
of USEC, subject to customary purchase price adjustments.

DeVry intends to finance the acquisition through a combination of
cash and debt, utilizing its existing credit facility and potentially
borrowing against its holdings of auction rate securities. The
transaction is subject to regulatory approvals and customary closing
conditions. The transaction is not conditioned on financing and is
expected to close during September 2008.

The majority shareholders of USEC are Chicago Growth Partners and
ClearLight Partners, LLC. Credit Suisse acted as financial advisor to
DeVry Inc. and Winston & Strawn LLP served as DeVry Inc.'s legal
counsel. BMO Capital Markets acted as financial advisor to U.S.
Education Corporation and Kirkland & Ellis LLP served as U.S.
Education Corporation's legal counsel.

Once the acquisition has been completed, these schools will join
Ross University and Chamberlain College of Nursing as part of DeVry's
Medical and Healthcare segment.

Conference Call and Webcast Information

DeVry will host a conference call on July 30, 2008, at 4:30 p.m.
Central Time (5:30 p.m. Eastern Time) to discuss the transaction. The
conference call will be led by Daniel Hamburger, DeVry's president and
chief executive officer. Also participating in the call will be George
Montgomery, president and chief executive officer of U.S. Education
Corporation.

A slide presentation will accompany management's remarks. The
presentation is accessible through the investor relations section of
DeVry's Web site at:
http://www.investors.devry.com/phoenix.zhtml?c=93880&p=irol-irhome.

For those wishing to participate by telephone, dial 800-510-9836
(domestic) or 617-614-3670 (International). DeVry will also broadcast
the conference call live via the Internet. Interested parties may
access the Webcast through the link noted above. Please access the Web
site at least 15 minutes prior to the start of the call to register,
download and install any necessary audio software.

The company will archive a telephone replay of the call until
August 31, 2008. To access the replay, dial 888-286-8010 (domestic) or
617-801-6888 (international), passcode 47676336. To access the Webcast
replay, please visit the company's Web site, or
http://www.investors.devry.com/phoenix.zhtml?c=93880&p=irol-irhome.

About DeVry Inc.

DeVry Inc. (NYSE: DV) is the parent organization of DeVry
University, Advanced Academics, Ross University, Chamberlain College
of Nursing and Becker Professional Review. DeVry University, which
includes Keller Graduate School of Management, offers associate,
bachelor's and master's degree programs in technology, healthcare
technology, business and management. Advanced Academics provides
online secondary education to school districts throughout the U.S.
Ross University offers doctoral degree programs through its schools of
Medicine and Veterinary Medicine. Chamberlain College of Nursing
offers associate and bachelor's degree programs in nursing. Becker
Professional Review, which includes Becker CPA Review and Stalla
Review for the CFA Exams, provides professional education and exam
review for accounting and finance professionals. For more information,
visit http://www.devryinc.com.

About U.S. Education Corporation

U.S. Education Corporation's programs, offered through Apollo
College and Western Career College, prepare students for careers in
healthcare through certificate and associate degree programs. The
company's colleges provide career-focused, outcome-based,
postsecondary education and training. The colleges offer a diverse
range of programs, including: biotechnology laboratory technology,
dental assisting, physical therapy technology, massage therapy,
healthcare administration and information technology, licensed
practical nursing, medical radiography, pharmacy technology,
registered nursing, respiratory therapy, surgical technology,
ultrasound technology, veterinary technology, vocational nursing,
graphic design and criminal justice. Apollo College was founded in
1976 and its campuses are located in Phoenix, Mesa, Tucson,
Albuquerque, Las Vegas, Portland, Spokane, and Boise. Western Career
College enrolled its first student in 1967 and has campuses located in
Northern California in Antioch, Emeryville, Citrus Heights, Pleasant
Hill, Sacramento, San Jose, San Leandro, and Stockton. For more
information, visit http://www.useducationcorp.com.

Certain statements contained in this release concerning DeVry's
future performance, including those statements concerning DeVry's
expectations or plans, may constitute forward-looking statements
subject to the Safe Harbor Provision of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally can be identified by phrases such as DeVry Inc. or its
management "believes," "expects," "anticipates," "foresees,"
"forecasts," "estimates" or other words or phrases of similar import.
Actual results may differ materially from those projected or implied
by these forward-looking statements. Potential risks, uncertainties
and other factors that could cause results to differ are described
more fully in Item 1A, "Risk Factors," in the Company's most recent
Annual Report on Form 10-K for the year ending June 30, 2007 and filed
with the Securities and Exchange Commission on August 24, 2007.

DeVry Inc.
Investor Contact:
Joan Bates
jbates@devry.com
(630) 574-1949
or
Sard Verbinnen & Co.
Media Contact:
Michelle Yokoyama
myokoyama@sardverb.com
312-895-4701

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