Cosmetology school bond cost
Cosmetology schools that charge tuition in Louisiana are required by the state Board of Cosmetology to post a $30,000 surety bond. These bonds are credit-based, meaning that the premium an applicant will pay is determined by a review of their credit. Applicants with excellent credit could pay as little as 1% of the total bond amount.
Because this bond is school-related, most surety underwriting companies require current business financials and a personal financial statement. Begin the bonding process by requesting your free bond quote now!
Why this bond
Any cosmetology school that charges tuition needs to post a surety bond. The surety bond protects students if the school should close during a student’s enrollment. The surety can provide tuition reimbursement if the school closes before they have completed the curriculum. The principal (institution) must reimburse the surety for the cost up to the full bond amount.
Louisiana cosmetology bonds are in effect for one year unless claimed against or cancelled.The board may, at any time during the operation of a registered school, require additional data to be submitted in order to satisfy the board of the school’s financial responsibility.
Start a cosmetology school
Those considering opening a cosmetology school in Louisiana should contact the state Board of Cosmetology.Some of the information the Board requires from applicants includes the following:
- Notification of intent to open, including business plan and financial statements (must be approved before moving forward)
- Detailed floor plan, drawn to scale
- $100 school premises inspection fee
- Maximum enrollment number
- Copy of building or property’s lease, if applicable
- Report from fire safety inspector indicating fire safety requirements have been met
- Notarized statements from intended teachers, stating their agreements to teach
- Copy of proposed curriculum and daily schedule for course of study
- $300 final inspection fee
- $315 new school application fee
Apply for your surety bond
Get a FREE Cosmetology School Bond Quote Today! Click here to begin