What is a Private School Bond?
A private school bond is often needed to guarantee that pre-paid tuition fees will be paid back to students if the school should close. The bond can also guarantee that the school obtaining the bond will honor any other contractual obligations that are applicable.
For example, if a private school closes and fails to refund pre-paid tuition, a claim can be filed on the bond. The claim will initially be paid by the surety company backing the bond, but the surety will ultimately come back to the school for reimbursement.
Private schools bonds are required by a bit less than half of the states within the U.S., and can be required of a variety of school types, e.g. vocational schools, business schools, driving schools or cosmetology schools. If you're unsure whether you need a bond, you can select your state from the list below to view the bond requirements.
Frequently Asked Questions
Yes, it’s possible, but bad credit usually results in higher rates.
Yes. We provide the lowest rates possible as a result of the large volume of bonds we write.
You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.