Private school bond cost
The Idaho State Board of Education requires each proprietary school in the state to maintain a surety bond for the benefit of students. Bond amounts vary depending on the total amount of student tuition collected in the previous year.
These bonds are subject to underwriting, which means that the cost an applicant will pay is dependent on their credit report. With strong financial credentials, clients should expect to pay a premium calculated at 1%-5% of their bond amount.
Why this bond
Idaho proprietary school bonds ensure that principals (proprietary schools) abide by all rules and regulations stated in the Idaho Statutes and their own administrative codes as given to students. Some acts prohibited by this bond include, but are not limited to:
- Failing to abide by student contracts
- Losing accreditation
- Refusing inspection
- Distributing false or misleading information to students or the Board
If these laws are broken, a claim can be made against the bond to compensate students or the state for financial loss.
Private school bond details
The bond form must list the bond amount, the rate it’s issued at, the annual premium, and the full term.
These bonds must remain in force for as long as the school is registered with the state. If the bond is to be canceled, the surety must provide 120 days of notice to the Idaho State Board of Education.
Become a proprietary school
Purchasing your surety bond is just the first step in becoming a registered proprietary school in Idaho. In addition to your surety bond, the following materials must also be included in a complete registration packet:
- Completed application
- Agent certificates of identification
- Current audited financial statement
- Description of curriculum/course materials
- Proof of certification/accreditation
- Materials used to solicit students
- Annual registration fee
Apply for your surety bond
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