DeVry University, a for-profit school that offers courses online and at dozens of locations nationwide, has agreed to a $100 million settlement of a federal lawsuit alleging that it falsely advertised the success of its graduates, the Federal Trade Commission announced on Thursday.

Under the settlement, DeVry and its parent company, DeVry Education Group, agreed to about $51 million in debt relief and an additional $49 million in cash to be paid to students harmed by the ads. Tens of thousands of students stand to benefit from the agreement, according to the F.T.C.

“When people are making important decisions about their education and their future, they should not be misled by deceptive employment and earnings claims,” the commission’s chairwoman, Edith Ramirez, said in a statement.

Under the terms of the agreement, DeVry neither admitted nor denied the allegations, though it rejected them in a previous filing.