Private school bond cost
Pennsylvania private licensed school bonds are generally set in the amount of $10,000, but depend on the amount of gross tuition collected annually. For licensees with more than $500,000 of gross tuition collected, the minimum bond amount is $10,000 for each $500,000. The maximum bond amount is $100,000.
The price you’ll pay for this bond is subject to underwriting and will vary based on your personal credit report. Applicants with strong credit can expect to pay the minimum of just 1% of the total bond amount!
Because this is a school-related bond, most underwriting companies will require current business financials and a personal financial statement for underwriting purposes. Having these documents handy when you submit a bond request will speed up the bonding process!
Why this bond
Pennsylvania private licensed school bonds ensure students are reimbursed for their tuition if the school ceases to operate. This bond also allows students and their parents to make a claim against the bond if the principal (private school) does not follow all of the provisions of Chapter 73 of the Pennsylvania Code. If a claim is found to be valid, the surety will reimburse students for all damages up to the full bond amount, and the principal will compensate the surety for any damages paid out.
Private school bond details
This bond is required by the Commonwealth of Pennsylvania Department of Education. Private licensed school bonds are continuously effective throughout the period of licensure. The surety must give the commonwealth at least 30 days’ notice prior to cancellation of the bond.
Be sure to include the following information on your bond form:
- name of applicant
- street address of school
- municipality and county where the school is located
- effective date of the bond and exact bond amount
Start a private school
All applicants for a private school license in Pennsylvania must be at least 18 years old and should apply on the form prescribed by the State Board of Private Academic Schools. The application should include the following information:
- name of applicant and any other names used in the past 10 years
- social security number and full residence addresses of the applicant for the past 4 years
- school sales office address
- school name and ownership information
- schedule of fees and tuition
- full school address
- a statement that the individual has read a copy of the applicable Act and statutes
- draft copies of student information publications, program and course brochures and nonresident instruction publications
- maximum enrollment numbers
- student admissions requirements and information
Our team of bond specialists is ready to answer your questions. Submit a bond request to speak with an expert right away!
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