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<p align="center"><font size="2" face="Times New Roman">As filed with the Securities and Exchange Commission on November 9, 2004<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nb
sp;&nbsp;&nbsp;&nbsp;&nbsp;
No. 333-&nbsp;&nbsp;&nbsp;<br />
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<p align="center"><font size="4" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br />
</font>Washington, D.C. 20549</p>

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<p align="center"><font size="4" face="Times New Roman">FORM S-8<br />
REGISTRATION STATEMENT<br />
Under<br />
THE SECURITIES ACT OF 1933<br />
</font></p>

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<p align="center"><font size="4" face="Times New Roman">DeVry Inc.<br />
</font>(Exact Name of Registrant as Specified in its Charter)</p>

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<p align="center"><b><font size="2" face="Times New Roman">Delaware</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">36-3150143</font></b></p>
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<p align="center"><font size="2" face="Times New Roman">(State or Other Jurisdiction of Incorporation or Organization)</font></p>
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<p align="center"><b><font size="2" face="Times New Roman"><b><font size="2" face="Times New Roman">&nbsp;</font></b></font></b></p>
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<p align="center"><font size="2" face="Times New Roman">(I.R.S. Employer Identification No.)</font></p>
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<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p align="center"><b><font size="2" face="Times New Roman">One Tower Lane<br />
 Oakbrook Terrace, Illinois</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman"><b><font size="2" face="Times New Roman">&nbsp;</font></b></font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">60181</font></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Address of Principal Executive Offices)</font></p>
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<p align="center"><font size="2" face="Times New Roman">(Zip Code)</font></p>
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<p align="center"><b><font size="2" face="Times New Roman">DeVry Inc. 2003 STOCK INCENTIVE PLAN<br />
</font></b>(Full Title of the Plan)</p>

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<p align="center"><font size="2" face="Times New Roman">Marilynn J. Cason<br />
Senior Vice President, General Counsel and Corporate Secretary<br />
DeVry Inc.<br />
One Tower Lane<br />
Oakbrook Terrace, Illinois&nbsp; 60181<br />
(Name and Address of Agent For Service)<br />
<br />
(630) 571-7700<br />
(Telephone Number, Including Area Code, of Agent For Service)<br />
</font></p>

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<p align="center"><font size="2" face="Times New Roman">CALCULATION OF REGISTRATION FEE</font></p>

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<p align="center"><b><font size="2" face="Times New Roman">Title of Securities to<br />
 be Registered</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Amount to be<br />
 Registered</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Proposed<br />
 Maximum<br />
 Offering Price<br />
 Per Share*</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Proposed<br />
 Maximum<br />
 Aggregate<br />
 Offering Price*</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Amount of<br />
 Registration Fee</font></b></p>
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<p><font size="2" face="Times New Roman">Common Stock, $.01 par value</font></p>
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<p align="center"><font size="2" face="Times New Roman">2,000,000</font></p>
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<p align="center"><font size="2" face="Times New Roman">$14.49</font></p>
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<p align="center"><font size="2" face="Times New Roman">$28,970,000</font></p>
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<p align="center"><font size="2" face="Times New Roman">$3,670.50</font></p>
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<p><font size="2" face="Times New Roman">*&nbsp;&nbsp;&nbsp;Estimated solely for the purpose of computing the registration fee on the basis of the average of the high and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;low prices reported in the consolidated reporting system for the Common Stock on November 2, 2004.</font></p>

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<p align="center"><b><font size="2" face="Times New Roman">PART II<br />
<br />
<br />
INFORMATION REQUIRED IN<br />
THE REGISTRATION STATEMENT</font></b></p>

<p><b><font size="2" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp; Incorporation of documents by reference.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following documents, which have heretofore been filed by DeVry Inc., a Delaware corporation (the "Company"), with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein and shall be deemed to be a part hereof:</font></p>

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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">(a)</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">Annual Report on Form 10-K for the year ended June 30, 2004.</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">(b)</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">(c)</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">The description of Common Stock under the caption "Description of Registrant's Securities to be Registered" included in the Company's Registration Statement on Form 8-A dated April 22, 1991 filed under Section 12 of the
Exchange Act, as amended by Amendment No. 1 to the Registration Statement on Form 8-A dated June 6, 1991 and Amendment No. 2 to the Registration Statement on Form 8-A dated June 12, 1991, and as further updated by the description of Common Stock contained in the
Company's Report on Form 10-C filed under Section 13 of the Exchange Act on September 27, 1991.</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by reference and shall be deemed a part hereof from the
date of filing of such documents.</font></p>

<p><b><font size="2" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp; Description of Securities.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><b><font size="2" face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp; Interests of Named Experts and Counsel.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><b><font size="2" face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp; Indemnification of Directors and Officers.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Delaware GCL (Section 145) gives Delaware corporations broad powers
to indemnify their present and former directors and officers and those of affiliated corporations against expenses incurred in the defense of any lawsuit to which they are made parties by reason of being or having been such directors or officers, subject to specified
conditions and exclusions, gives a director or officer who successfully defends an action the right to be so indemnified, and authorizes the Registrant to buy directors' and officers' liability insurance.&nbsp; Such indemnification is not exclusive of any other
rights to which those indemnified may be entitled under any by&#8209;laws, agreement, vote of stockholders or otherwise.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article TENTH of the Certificate of Incorporation of the Registrant
permits, and Article VI of the By&#8209;Laws of the Registrant provides for, indemnification of directors, officers, employees and agents to the fullest extent permitted by law.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Section 102(b)(7) of the Delaware GCL, the
Registrant's Certificate of Incorporation provides that directors shall not be personally liable for monetary damages for breaches of their fiduciary duty as directors except for (1) breaches of their duty of loyalty to the Registrant or its stockholders, (2) acts or
omissions not in good faith or which involve intentional misconduct or knowing violations of law, (3) under Section 174 of the Delaware GCL (unlawful payment of dividends) or (4) transactions from which a director derives an improper personal benefit.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant has entered into an Indemnification Agreement with each
of its Directors which provides for the indemnification of the Directors in a variety of circumstances.</font></p>

<p><b><font size="2" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp; Exemption from Registration Claimed.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><b><font size="2" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp; Exhibits.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Index to Exhibits, which is incorporated herein by reference.</font></p>

<p><b><font size="2" face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp; Undertakings.</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned registrant hereby undertakes:</font></p>

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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">(i)</font></p>
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<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">(ii)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement;</font></p>
</td>
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<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

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<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman">(iii)</font></p>
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<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<td valign="top">
<p><font size="2" face="Times New Roman">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p>
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<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><u>Provided</u>, <u>however</u>, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the registration statement is on Form S-3 or Form S-8, and the information required to be included in a post-effective&nbsp;
amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</font></p>
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<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman">2.</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
</td>
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<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">3.</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>
</td>
</tr>
</table>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the provisions of the registrant's articles of incorporation or by-laws or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable.&nbsp; In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</font></p>

<b><font size="2" face="Times New Roman"><br clear="all" />
</font></b>
<div align="center"><font size="4" face="Times New Roman"></font>
<hr size="1" width="100%" noshade color="black" align="center" />
</div>

<p align="center"><b><font size="2" face="Times New Roman">SIGNATURES</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S&#8209;8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oakbrook Terrace, State of Illinois, on the 9th day of November,
2004.</font></p>

<p><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DeVry Inc.<br />
<br />
<br />
</font></p>

<p><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: <u>/s/ Dennis J.
Keller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dennis J. Keller<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chairman of the Board</font></p>
<div align="center"><font size="4" face="Times New Roman"></font>
<hr size="1" width="100%" noshade color="black" align="center" />
</div>
<p align="center"><b><font size="2" face="Times New Roman">POWER OF ATTORNEY</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each person whose signature appears below hereby constitutes and appoints Dennis J. Keller and Ronald L. Taylor and each of them, the
true and lawful attorneys-in-fact and agents of the undersigned, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or any of
them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons
in their respective capacities on the 9th day of November, 2004.</font></p>

<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><b><u><font size="2" face="Times New Roman">Signature</font></u></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><u><font size="2" face="Times New Roman">Title</font></u></b></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Dennis&nbsp;J.&nbsp;Keller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Chairman of the Board</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Dennis J. Keller</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Ronald&nbsp;L.&nbsp;Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director, Chief Executive Officer</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Ronald L. Taylor</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Norman&nbsp;M.&nbsp;Levine&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</font></u> Norman M. Levine</p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Senior Vice President, and Chief Financial Officer (Principal Financial and Accounting Officer)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;David&nbsp;S.&nbsp;Brown&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">David S. Brown</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Charles&nbsp;A.&nbsp;Bowsher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Charles A. Bowsher</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New Roman">/s/ Connie Curran
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Connie Curran</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New Roman">/s/&nbsp;Frederick&nbsp;A.&nbsp;Krehbiel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Frederick A. Krehbiel</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Thurston&nbsp;E.&nbsp;Manning&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Thurston E. Manning</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Robert&nbsp;C.&nbsp;McCormack&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Robert C. McCormack</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New Roman">/s/&nbsp;Julie&nbsp;A.&nbsp;McGee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Julie A. McGee</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Hugo&nbsp;J.&nbsp;Melvoin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Hugo J. Melvoin</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="2" face="Times New
Roman">/s/&nbsp;Harold&nbsp;T.&nbsp;Shapiro&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">Harold T. Shapiro</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>
</table>
<div align="center"><font size="4" face="Times New Roman"></font>
<hr size="1" width="100%" noshade color="black" align="center" />
</div>
<p align="center"><b><font size="2" face="Times New Roman">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Exhibit<u><br />
 Number</u></font></b></p>
</td>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><u><font size="2" face="Times New Roman">Description of Exhibit</font></u></b></p>
</td>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Sequential<u><br />
 Page&nbsp;Number</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.1</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Certificate of Amendment of Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3(a) to the Company's Form 10-K for the year ended June 30, 1995 0-12751)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.2</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Certificate of Amendment of Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Company's Form S-3, File No. 333-22457 dated February 27, 1997)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.3</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Amended and Restated by-Laws of the Company, dated as of June 1, 1991 (incorporated by reference to Exhibit 3(d) to Amendment #1 to the Company's registration Statement on Form S-1 dated May 21, 1991, File No.
33-40151)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.4</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">DeVry Inc. 2003 Stock Incentive Plan</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">5.1</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Opinion of Mayer, Brown, Rowe &amp; Maw LLP</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">24.1</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Consent of PricewaterhouseCoopers LLP</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">24.2</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Consent of Mayer, Brown &amp; Platt (included in its opinion filed as Exhibit 5 hereto)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">25.1</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Powers of Attorney (included on the signature page of the registration statement)</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</td>
</tr>
</table>

<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
</div>

<div></div>
</body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "forms8.htm", "description": "FORM S8", "secsgml_size_bytes": 60659}]
{"company-data": {"conformed-name": "DEVRY INC", "cik": "0000730464", "assigned-sic": "8200", "irs-number": "363150143", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-120326", "film-number": "041130047"}, "business-address": {"street1": "ONE TOWER LN", "street2": "SUITE 1000", "city": "OAKBROOK TERRACE", "state": "IL", "zip": "60181", "phone": "6305717700"}, "mail-address": {"street1": "ONE TOWER LANE", "city": "OAKBROOK", "state": "IL", "zip": "60181"}}
forms8
As filed with the Securities and Exchange Commission on November 9, 2004
&nb
sp;    
No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
DeVry Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
36-3150143
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
One Tower Lane
Oakbrook Terrace, Illinois
60181
(Address of Principal Executive Offices)
(Zip Code)
DeVry Inc. 2003 STOCK INCENTIVE PLAN
(Full Title of the Plan)
Marilynn J. Cason
Senior Vice President, General Counsel and Corporate Secretary
DeVry Inc.
One Tower Lane
Oakbrook Terrace, Illinois  60181
(Name and Address of Agent For Service)
(630) 571-7700
(Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF REGISTRATION FEE
Title of Securities to
be Registered
Amount to be
Registered
Proposed
Maximum
Offering Price
Per Share*
Proposed
Maximum
Aggregate
Offering Price*
Amount of
Registration Fee
Common Stock, $.01 par value
2,000,000
$14.49
$28,970,000
$3,670.50
*   Estimated solely for the purpose of computing the registration fee on the basis of the average of the high and
low prices reported in the consolidated reporting system for the Common Stock on November 2, 2004.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3.    Incorporation of documents by reference.
The following documents, which have heretofore been filed by DeVry Inc., a Delaware corporation (the "Company"), with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein and shall be deemed to be a part hereof:
(a)
Annual Report on Form 10-K for the year ended June 30, 2004.
(b)
Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.
(c)
The description of Common Stock under the caption "Description of Registrant's Securities to be Registered" included in the Company's Registration Statement on Form 8-A dated April 22, 1991 filed under Section 12 of the
Exchange Act, as amended by Amendment No. 1 to the Registration Statement on Form 8-A dated June 6, 1991 and Amendment No. 2 to the Registration Statement on Form 8-A dated June 12, 1991, and as further updated by the description of Common Stock contained in the
Company's Report on Form 10-C filed under Section 13 of the Exchange Act on September 27, 1991.
All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by reference and shall be deemed a part hereof from the
date of filing of such documents.
Item 4.    Description of Securities.
Not applicable.
Item 5.    Interests of Named Experts and Counsel.
Not applicable.
Item 6.    Indemnification of Directors and Officers.
(a)           The Delaware GCL (Section 145) gives Delaware corporations broad powers
to indemnify their present and former directors and officers and those of affiliated corporations against expenses incurred in the defense of any lawsuit to which they are made parties by reason of being or having been such directors or officers, subject to specified
conditions and exclusions, gives a director or officer who successfully defends an action the right to be so indemnified, and authorizes the Registrant to buy directors' and officers' liability insurance.  Such indemnification is not exclusive of any other
rights to which those indemnified may be entitled under any by‑laws, agreement, vote of stockholders or otherwise.
(b)           Article TENTH of the Certificate of Incorporation of the Registrant
permits, and Article VI of the By‑Laws of the Registrant provides for, indemnification of directors, officers, employees and agents to the fullest extent permitted by law.
(c)           In accordance with Section 102(b)(7) of the Delaware GCL, the
Registrant's Certificate of Incorporation provides that directors shall not be personally liable for monetary damages for breaches of their fiduciary duty as directors except for (1) breaches of their duty of loyalty to the Registrant or its stockholders, (2) acts or
omissions not in good faith or which involve intentional misconduct or knowing violations of law, (3) under Section 174 of the Delaware GCL (unlawful payment of dividends) or (4) transactions from which a director derives an improper personal benefit.
(d)           The Registrant has entered into an Indemnification Agreement with each
of its Directors which provides for the indemnification of the Directors in a variety of circumstances.
Item 7.    Exemption from Registration Claimed.
Not applicable.
Item 8.    Exhibits.
See Index to Exhibits, which is incorporated herein by reference.
Item 9.    Undertakings.
The undersigned registrant hereby undertakes:
1.
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided
,
however
, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the registration statement is on Form S-3 or Form S-8, and the information required to be included in a post-effective 
amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
2.
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
3.
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the provisions of the registrant's articles of incorporation or by-laws or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S‑8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oakbrook Terrace, State of Illinois, on the 9th day of November,
2004.
DeVry Inc.
By:
/s/ Dennis J.
Keller
Dennis J. Keller
Chairman of the Board
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Dennis J. Keller and Ronald L. Taylor and each of them, the
true and lawful attorneys-in-fact and agents of the undersigned, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or any of
them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons
in their respective capacities on the 9th day of November, 2004.
Signature
Title
/s/ Dennis J. Keller
Chairman of the Board
Dennis J. Keller
/s/ Ronald L. Taylor
Director, Chief Executive Officer
Ronald L. Taylor
/s/ Norman M. Levine
Norman M. Levine
Senior Vice President, and Chief Financial Officer (Principal Financial and Accounting Officer)
/s/ David S. Brown
Director
David S. Brown
/s/ Charles A. Bowsher
Director
Charles A. Bowsher
/s/ Connie Curran
Director
Connie Curran
/s/ Frederick A. Krehbiel
Director
Frederick A. Krehbiel
/s/ Thurston E. Manning
Director
Thurston E. Manning
/s/ Robert C. McCormack
Director
Robert C. McCormack
/s/ Julie A. McGee
Director
Julie A. McGee
/s/ Hugo J. Melvoin
Director
Hugo J. Melvoin
/s/ Harold T. Shapiro
Director
Harold T. Shapiro
EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
Sequential
Page Number
4.1
Certificate of Amendment of Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3(a) to the Company's Form 10-K for the year ended June 30, 1995 0-12751)
4.2
Certificate of Amendment of Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Company's Form S-3, File No. 333-22457 dated February 27, 1997)
4.3
Amended and Restated by-Laws of the Company, dated as of June 1, 1991 (incorporated by reference to Exhibit 3(d) to Amendment #1 to the Company's registration Statement on Form S-1 dated May 21, 1991, File No.
33-40151)
4.4
DeVry Inc. 2003 Stock Incentive Plan
5.1
Opinion of Mayer, Brown, Rowe & Maw LLP
24.1
Consent of PricewaterhouseCoopers LLP
24.2
Consent of Mayer, Brown & Platt (included in its opinion filed as Exhibit 5 hereto)
25.1
Powers of Attorney (included on the signature page of the registration statement)