Tuition performance bond cost
New Jersey tuition bonds are required by the New Jersey Department of Labor and Workforce Development and must be in the amount of $10,000. These bonds are subject to underwriting, which means that the price you’ll pay for this bond will be based on a review of your credit report. If you have strong credit history, you could pay as low as 1% of the bond amount, or just $100!
Because this is a school-related surety bond, having your current business financials and a personal financial statement handy when you speak with your Surety bonds surety representative will speed up the bonding process.
Why this bond
New Jersey tuition bonds hold the principal (school) accountable to comply with all rules and regulations set by the New Jersey Department of Labor and Workforce Development. Specifically, the school must honor all contracts entered into with students, including reimbursing students for all tuition money paid if the school closes or is unable to offer courses and programs as promised.
Tuition performance bond details
Tuition performance bonds bind the principal to the Commissioner of the New Jersey Department of Labor and Workforce Development. The surety can cancel this bond if a cancellation notice is submitted to the Commissioner of the New Jersey Department of Labor and Workforce Development at least 30 days prior to the termination date.
Apply for your surety bond
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